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Instituciones jurídicas y crecimiento económico: la experiencia asiática

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  • Germán Burgos

    ()
    (Universidades Nacional de Colombia y Externado de Colombia)

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    Abstract

    This article shows that the consensus about the importance of institutions for economic growth is derived from Weber and North, for whom legal institutions make it possible to predict the State’s and economic agent’s actions. For Weber, law based on formal rationality contributed to the development of capitalism, creating a safe environment for investment. For North, the limitation of State abuses guaranteed the establishment of property rights that promoted market expansion. This article tries to demonstrate that the experience of some Asian countries questions this consensus, as they reached high rates of growth without formal legal institutions to limit the abusive action of the State and to make its behaviour predictable.

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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/gburgos14.pdf
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    Bibliographic Info

    Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

    Volume (Year): 8 (2006)
    Issue (Month): 14 (January-June)
    Pages: 137-166

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    Handle: RePEc:rei:ecoins:v:8:y:2006:i:14:p:137-166

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    Related research

    Keywords: legal institutions; formal institutions; informal institutions; economic growth;

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    1. North, D-C, 1997. "The Process of Economic Change," Research Paper 128, World Institute for Development Economics Research.
    2. North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 803-832, December.
    3. Campos, Nauro F. & Nugent, Jeffrey B., 1999. "Development Performance and the Institutions of Governance: Evidence from East Asia and Latin America," World Development, Elsevier, vol. 27(3), pages 439-452, March.
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