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Creating a Legal Framework for Economic Development

  • Posner, Richard A

A modernizing nation's economic prosperity requires at least a modest legal infrastructure centered on the protection of property and contract rights. The essential legal reform required to create that infrastructure may be the adoption of a system of relatively precise legal rules, as distinct from more open-ended standards or a heavy investment in upgrading the nation's judiciary. A virtuous cycle can arise in which initially modest expenditures on law reform increase the rate of economic growth, in turn generating resources that will enable more ambitious legal reforms to be undertaken in the future. Copyright 1998 by Oxford University Press.

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Article provided by World Bank Group in its journal World Bank Research Observer.

Volume (Year): 13 (1998)
Issue (Month): 1 (February)
Pages: 1-11

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Handle: RePEc:oup:wbrobs:v:13:y:1998:i:1:p:1-11
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  1. Casella, Alessandra, 1996. "On market integration and the development of institutions: The case of international commercial arbitration," European Economic Review, Elsevier, vol. 40(1), pages 155-186, January.
  2. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1990. "The Allocation of Talent: Implications for Growth," NBER Working Papers 3530, National Bureau of Economic Research, Inc.
  3. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-62, June.
  4. Dakolias, M., 1996. "The Judicial Sector in Latin America and the Caribbean: Elements of Reform," Papers 319, World Bank - Technical Papers.
  5. 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.
  6. Gray, Cheryl W., 1991. "Legal process and economic development: A case study of Indonesia," World Development, Elsevier, vol. 19(7), pages 763-777, July.
  7. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  8. Michael D. Intriligator, 1994. "Privatisation in Russia Has Led to Criminalisation," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 27(2), pages 4-14.
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