Accordingly, Part I explains deterrence theory, its grounding in the methodology of law and economics, and its status as the dominant contemporary theory of criminal punishment. It then proposes using anti-bribery law, particularly the U.S. Foreign Corrupt Practices Act, as a kind of case study in federal extraterritorial deterrence, and explains why the FCPA serves this purpose well. Using empirical evidence on the FCPA’s impact overseas, Part II builds a model to show why deterrence will tend to fail more generally in extraterritorial white-collar enforcement. It explains the unique conditions of international business and illustrates how these conditions will often produce an increase, rather than a decrease, in overseas crime. Part III then shows restorative justice to be a superior, if counterintuitive, paradigm for extraterritorial white-collar enforcement. It develops a new sentencing procedure that would promote the interests of the federal enforcement agencies, help the overseas victims of corporate crime, and requires no new legal authorization to implement. 

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