IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-540-69305-5_10.html
   My bibliography  Save this book chapter

Legal Systems as Frameworks for Market Exchanges

In: Handbook of New Institutional Economics

Author

Listed:
  • Paul H. Rubin

Abstract

The quotation from Milton Friedman heading this chapter summarizes the evolution of beliefs of many economists (including myself) following the collapse of the Soviet Union and its satellites. Initially, it was widely believed that creation of markets and the freeing of the economy would be enough to lead to economic growth and prosperity. The lesson of this episode in human history is that removal of restraints and creation of property rights is not sufficient. Rather, an economy needs a legal system in order to thrive and grow, and creation of such a legal system is a difficult task. Indeed, it is not obvious that it is always possible to succeed in this process.

Suggested Citation

  • Paul H. Rubin, 2008. "Legal Systems as Frameworks for Market Exchanges," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 9, pages 205-228, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-69305-5_10
    DOI: 10.1007/978-3-540-69305-5_10
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Buchen, Clemens, 2010. "Emerging economic systems in Central and Eastern Europe – a qualitative and quantitative assessment," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 37141, July.
    2. Beck, T.H.L., 2010. "Legal Institutions and Economic Development," Other publications TiSEM 8aa07b48-ce55-4cf6-8754-7, Tilburg University, School of Economics and Management.
    3. Enrico Colombatto, 2006. "Law, Economics and the Institutional Approach to Development and Transition: towards an Evolutionary Perspective," ICER Working Papers 7-2006, ICER - International Centre for Economic Research.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-540-69305-5_10. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.