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Languages : en
Pages : 0
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Languages : en
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Author: Samuel Bufford
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Languages : en
Pages : 0
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Law matters in economic development. The Rule of Law is an indispensable foundation for a market economy, which provides an essential environment for the creation and preservation of wealth, economic security, and well-being, and the improvement of the quality of life. The Rule of Law is part of the "software" of governmental regulation that is needed to operate the "hardware" of free markets. Its promotion can make a major contribution to economic growth, and an infrastructure that creates and promites legal rights is an essential platform for economic development. The cumulative costs of doing without the Rule of Law in a modern economy are enormous. Establishing a firmly rooted system of the Rule of Law is unfinished business in the countries participating in the Central American Free Trade Agreement ("CAFTA"). Building an effective Rule of Law is essencial to the promotion of a free market economic system that fosters transparency in business transactions and operations. The Rule of Law in the commercial sector promotes economic stability and growth, encourages investors to make investments, creates jobs, increases the standard of living, and promotes prosperity. The Rule of Law requirements for a market economy differ rather substantially from the Rule of Law requirements for other types of social needs. The purpose of this comment is to outline those Rule of Law features that are essential to the proper functioning of a free market economy and to call attention to the unique characteristics of these legal features. Part I introduces the role of the Rule of Law in a free market economy. Part II describes the major legal systems that the Rule of Law requires to support such an economy. Part III of this Comment concludes that the Rule of Law is an indispensable basis for a free market economy.
Author: Andrzej Brzeski
Publisher:
ISBN: 9780948027567
Category : Capitalism
Languages : en
Pages : 122
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Proceedings from a colloquium
Author: Gonzalo Villalta Puig
Publisher: Taylor & Francis
ISBN: 1000823989
Category : Law
Languages : en
Pages : 204
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On the 25th anniversary of the establishment of the Hong Kong Special Administrative Region of the People’s Republic of China, this book presents the first monographic study of the Hong Kong Basic Law as an economic document. The Basic Law codifies what Gonzalo Villalta Puig and Eric C Ip call free market constitutionalism, the logic of Hong Kong’s economic liberty as the freest market economy in the world. This book, which is the outcome of several years of study with the financial support of the General Research Fund of Hong Kong’s Research Grants Council, evaluates the public choice rationale of the Basic Law and its projection on the Hong Kong economy, with a focus on the policy development of economic liberty both internally and externally. In the academic tradition of James M Buchanan’s constitutional political economy, the book opens with a conceptualisation of free market constitutionalism in Hong Kong. It studies the origins of this concept in the 19th-century classically liberal common law and how it developed into a Hayekian laissez-faire convention under British colonial rule, was codified into the Basic Law and is interpreted and applied by the branches of the Government of the Region. The book closes with remarks on the future of Hong Kong’s free market constitutionalism in face of recent challenges as the year 2047 approaches and the 50 years of ‘unchanged’ capitalist system under the Basic Law pass. This book will appeal to students, scholars and practitioners of law, economics, political science and public administration. It will especially appeal to those with an interest in Hong Kong law, international economic law or comparative constitutional law.
Author: Yining Li
Publisher: Springer
ISBN: 366244254X
Category : Political Science
Languages : en
Pages : 193
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This book explores how moral factors exert influence on economy from an economic and philosophical point of view. The book takes an in-depth look at topics such as efficiency and coordination, fairness and identification, law and self-discipline and the third distribution, which have long been the focus of public attention. As expounded in this book, in places where regulation by market or government does work, there are still some gaps that the two modes of regulation cannot reach owing to the limitations of their influence. Each does compensate for the other’s limitations, but only up to a point. The gap can only be filled by custom and morality. In this sense, regulation by custom and morality can be viewed as a regulatory mode beyond market and government. In a market economy, market regulation of resource allocation as a basic mode can be called “primary regulation” and government regulation, as a high-level mode, “secondary regulation.” Regulation that relies on the force of custom and morality, a regulation beyond market and government, can be called “the third regulation.” A variety of causes can give rise to market failure or government paralysis, rendering regulation by market or government ineffective or extremely limited. But even in such circumstances, custom and morality still exist and continue working as normal. What affects resource allocation, socio-economic operations and living standards is not just the power of market or government, but that of custom and morality. This book is one of the three published writings that best reflect Professor Li Yining’s academic standpoint. Although written in economic language, the book also incorporates sociology, history and philosophy and will help the reader make better judgment calls in the face of changing market conditions and economic policies.
Author: Ulf Dahlsten
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Category :
Languages : en
Pages :
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Democratic capitalism or liberal democracy, as the successful marriage of convenience between market liberalism and democracy sometimes is called, is in trouble. The market economy system has become global and there is a growing mismatch with the territoriality of the nation-states. The functional global networks and inter-governmental order can no longer keep pace with the rapid development of the global market economy and regulatory capture is all too common. Concepts like de-globalization, self-regulation, and global government are floated in the debate. The alternatives are analysed and found to be improper, inadequate or plainly impossible. The proposed route is instead to accept that the global market economy has developed into an independent fundamental societal system that needs its own governance. The suggestion is World Market Governance based on the Rule of Law in order to shape the fitness environment for the global market economy and strengthen the nation-states so that they can regain the sovereignty to decide upon the social and cultural conditions in each country. Elements in the proposed Rule of Law are international legislation decided by an Assembly supported by a Council, and an independent Judiciary. Existing international organisations would function as executors. The need for broad sustained demand for regulations in the common interest is identified.
Author: Svetozar Pejovich
Publisher: Edward Elgar Publishing
ISBN: 1848442904
Category : Business & Economics
Languages : en
Pages : 191
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Almost everyone will gain something of value from reading this book. For those who work in the new institutional economics, Pejovich provides a thoughtful treatment of how common-law and civil-law systems affect personal freedoms and rule of law. The book s larger market, however, will comprise educated lay readers, who will gain a deeper appreciation of the foundations of capitalism in the developed world and of the dynamics of interrelated institutional and economic change. Lee J. Alston, The Independent Review . . . a well written, easily read book which casts light on many aspects of law and on questions which are or should be debated in our law schools. . . well laid out and presented. . . Its subject matter makes it essential reading for all those studying comparative law and of course law and economics and even for those studying legislation. It would be more than useful for those engaged in property law, the law of contract and administrative and public law. In other words it would be useful and challenging reading for just about all law teachers and students as well as practitioners who wish to think about the basics of what they are doing. Its easy combination of history, comparative technique, legal fundamentals and economics with no maths would even make it an excellent reader for LAWS 101. Bernard Robertson, New Zealand Law Journal Professor Pejovich has written an impressive lot on comparative economic systems, institutions, policies and broader social aspects of economic development. . . His long work in the field quite predictably made him able to present his views and findings in an ever clearer, more orderly and more profoundly argued way. . . This is one of the rare books in which the author is well aware of what he is talking about and makes sure that the same goes for his readers. Ljubomir Madzar Professor Pejovich has ranged expertly across such seemingly disparate areas as legal systems, culture, economics and public choice theory to give us a thoroughly convincing roadmap for a nation s economic success. The rule of law, enforcement of private contracts, private property rights and an independent judiciary are the basic building blocks. But the common law system, as compared to the civil law system emanating from the European continent, also gets a lot of the credit. This is an erudite, yet happily readable work that takes a lot of the mystery out of differential economic performance among nations. Henry G. Manne, George Mason University School of Law, US Written by one of the pioneers of modern property rights economics this book provides a most insightful, well readable and engaged discussion of the institutional foundations of the Western free enterprise system and the reason for its success, with a special emphasis on the differences between common law and civil law institutions. Readers will especially appreciate the many instructive examples and court cases that serve to illustrate the general argument. Viktor J. Vanberg, Universitaet Freiburg, Germany This is a must-read for anyone who wants to understand why Western capitalism has outperformed all other economic systems. Professor Pejovich explains how the institutions of capitalism, especially those based on common law, make for excellence, even in comparison with Western civil law countries. He presents a compelling theory of how systems evolve through the interactions of formal and informal institutions, an analysis that has deep significance for economic reform proposals throughout the world. John H. Moore, Grove City College, US There are many books on the virtues of capitalism and capitalism as a moral system. Steve Pejovich avoids that mistake. Capitalism, for him, is a system based on human behavior. It survives because it meets the needs that individuals face and provides opportunities that individuals are able to accept. Unlike the utopian visions that have competed against capitalism, it does not impose the vision of a
Author: Kenneth W. Dam
Publisher:
ISBN: 9780815733591
Category : Business & Economics
Languages : en
Pages : 323
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An increasingly popular view holds that institutions--in particular, the rule of law--are the keys to unlocking the developing world's full growth potential. But what exactly does this mean? Which legal institutions matter and why? How can policymakers use this knowledge to promote growth? In The Law-Growth Nexus, Kenneth Dam brings five decades of experience as a legal scholar and policymaker to bear upon these questions. After reviewing the burgeoning literature on legal institutions and economic development, Dam unpacks the "rule of law" concept. Successive chapters analyze enforcement, contracts, and property rights--the three concepts that collectively define rule of law--and examine their roles in the real estate and financial sectors. Dam uses an extended analysis of China to assess the importance of the rule of law. This case study illustrates several of the book's central themes, including the difficulty of building a strong, independent judiciary and firstclass financial sector. The stark fact is that many parts of what we call the developing world have stopped developing, while other regions have seen a slowdown in once-promising growth. Could new or better legal institutions help jumpstart these economies? In exploring this question, Th e Law-Growth Nexus goes beyond regression results to examine the underlying mechanisms through which the law, the judiciary, and the legal profession influence the economy. The result is essential reading for analysts and policymakers facing the challenges of legal and economic reform.
Author: Enrico Colombatto
Publisher:
ISBN:
Category :
Languages : en
Pages : 14
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Author: Enrico Colombatto
Publisher:
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Category : Economic policy
Languages : en
Pages : 14
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