The article sets forth a foundation for a theory of law from the regulative point of view. The piece is largely structured around the writings of the late Professor Ronald Dworkin. The article focuses specially on Dworkin both in recognition of his life's work and because his nonpositivist construction of the role of political morality in adjudication increasingly informs explanatory projects tackling discrete legal doctrinal areas, particularly tort law. While ultimately promoting an exclusive positivist point of view, the argument -- which both borrows and departs from aspects of Dworkin's work, as well as that of such thinkers as H.L.A. Hart, Scott Shapiro, and John Searle -- is that legal systems emerge and intervene to engender a functional society by regulating "transactions."