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.
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