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Creating a Legal Framework for Economic Development

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  • Posner, Richard A

Abstract

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.

Suggested Citation

  • Posner, Richard A, 1998. "Creating a Legal Framework for Economic Development," World Bank Research Observer, World Bank Group, vol. 13(1), pages 1-11, February.
  • Handle: RePEc:oup:wbrobs:v:13:y:1998:i:1:p:1-11
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    References listed on IDEAS

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    1. Dakolias, M., 1996. "The Judicial Sector in Latin America and the Caribbean: Elements of Reform," Papers 319, World Bank - Technical Papers.
    2. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 503-530.
    3. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    4. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
    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. 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.
    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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    Cited by:

    1. Li, Shaomin & Filer, Larry, 2007. "The effects of the governance environment on the choice of investment mode and the strategic implications," Journal of World Business, Elsevier, vol. 42(1), pages 80-98, March.
    2. Reyes Calderón & José Álvarez-Arce & Silvia Mayoral, 2009. "Corporation as a Crucial Ally Against Corruption," Journal of Business Ethics, Springer, vol. 87(1), pages 319-332, April.
    3. Mitsopoulos, Michael & Pelagidis, Theodore, 2007. "Does staffing affect the time to dispose cases in Greek courts?," International Review of Law and Economics, Elsevier, vol. 27(2), pages 219-244.
    4. Chakravarty, Surajeet & Fonseca, Miguel A. & Ghosh, Sudeep & Marjit, Sugata, 2016. "Religious fragmentation, social identity and cooperation: Evidence from an artefactual field experiment in India," European Economic Review, Elsevier, vol. 90(C), pages 265-279.
    5. Murrell, Peter, 2017. "Design and evolution in institutional development: The insignificance of the English Bill of Rights," Journal of Comparative Economics, Elsevier, vol. 45(1), pages 36-55.

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