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Actually, Common Law traditionally has one of its bases in exactly what Mr. Jordan is saying. It's based on traditional social values and mores, and on the precedents that have been set for adjudicating disputes of a similar nature.
I think that the problem arises when the more powerful classes in a society take it upon themselves to redefine morality to solidify/enhance their power -- and then seek to enforce their notions with the police powers of the state.
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