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Full Description
As development policy moves away from considering the state as the primary driver of economic growth it is necessary to consider the institutional foundations of the market economy. It has been argued that without legal systems that allow for innovation and enterprise, all other attempts to improve economic growth are destined to fail.
Law and Development offers an unparalleled assessment of the role of legal systems in development by extending the analytical framework of New Institutional Economics (NIE). Using empirical tests to critique Legal Origin Theory, and assess the role of culture in the formation of the legal environment, this book proposes that cultural factors are much more significant than allowed for by previous frameworks.
This book will be invaluable for students of law and development, as well as academics researching the role of institutions. It provides a sound framework for considering legal reform and offers nuanced insights for policymakers interested in economic development.
Contents
Contents: Preface Part I Introduction 1. How we got here 2. New Institutional Economics Part II Legal Systems and Development 3. Legal Origin Theory and the Transplant Effect 4. A New Institutional Economics Approach to Law and Development Part III Finance and Development 5. Financial Markets 6. Estimating the determinants of growth: an empirical exploration of an NIE framework Part IV: Conclusions 7. Conclusions References Index
