Legal Practice and Economic Adaptation
AbstractCommon Law, as practiced around the world, permits what it doesn't prohibit. Compared to Roman Law practice, which prohibits what it doesn't permit, the Common Law makes economic innovation easy. Easy economic innovation, in turn, promotes rapid economic adaptation -- broad technological improvements in goods, services, and processes. Since faster economic adaptation rates in Common Law countries stem from the Common Law's prior permission, Roman Law countries could raise their economic adaptation rates by adopting a similar stance.
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