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Law, Informal Rules and Economic Performance: The Case for Common Law

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More About This Textbook

Overview

"Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions." This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.
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Product Details

  • ISBN-13: 9781849800273
  • Publisher: Elgar, Edward Publishing, Inc.
  • Publication date: 2/28/2010
  • Pages: 192
  • Product dimensions: 6.10 (w) x 9.10 (h) x 0.70 (d)

Table of Contents

List of tables

Foreword Leonard P. Liggio Liggio, Leonard P.

Pt. I Basic Economic Concepts

1 The game and the rules of the game 3

2 Transaction costs 13

Pt. II Transformation of the Medieval Community into Modern Society: The Rise of Classical Liberalism, the Rule of Law and Capitalism

3 From the Middle Ages to capitalism 25

4 Capitalism and the rule of law 37

App Afraid to be free: dependency as desideraturm James M. Buchanan Buchanan, James M. 46

5 The law of contract and the judiciary 59

6 The economic functions of the constitution 67

7 Private property rights 86

8 Capitalism, economic freedom and performance 96

9 The rule of law and capitalism: an overview 105

Pt. III Toward a Theory of Institutional Change

10 The method of analysis 115

11 The interaction thesis 121

12 The carriers of change: the role of entrepreneurs 129

13 Formal institutions 141

14 Informal institutions or cultural traditions: the role of pathfinders 155

15 Efficiency-friendly institutional change within the structure of tradition 164

Index 171

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