Law & Capitalism: What Corporate Crises Reveal about Legal by Curtis J. Milhaupt

By Curtis J. Milhaupt

Recent high-profile company scandals—such as these involving Enron within the usa, Yukos in Russia, and Livedoor in Japan—demonstrate demanding situations to felony rules of industrial practices in capitalist economies. surroundings forth a brand new analytic framework for knowing those difficulties, Law and Capitalism examines such modern company governance crises in six international locations, to make clear the interplay of felony structures and financial swap. This provocative publication debunks the simplistic view of law’s instrumental functionality for monetary marketplace improvement and monetary growth.
            utilizing comparative case stories that tackle the USA, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue disparate mix of felony and nonlegal mechanisms have supported fiscal development around the globe. Their groundbreaking findings express that legislation and markets evolve jointly in a “rolling relationship,” and felony platforms, together with these of the main profitable economies, consequently vary considerably of their organizational features. cutting edge and insightful, Law and Capitalism will switch the way in which legal professionals, economists, coverage makers, and company leaders take into consideration felony legislation in an more and more worldwide marketplace for capital and company governance.
 

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After controlling for a variety of other factors that may influence growth, such as a country’s initial GDP in a given period, population growth, and educational attainment, legal origin still has weak predictive power for growth over a long sweep of time. Moreover, our research shows that numerous countries have made the leap from low to high growth, frequently in succeeding periods of economic history, suggesting that the origin of a country’s legal system does not pose a significant constraint on its prospects for growth.

Law, like capitalism, is constantly evolving. Max Weber realized the potential tension between a “rational” legal system (one that generates stable expectations) and the need for legal adaptation within a rapidly developing economy, but he never fully resolved this tension in his work. The ongoing relation between economic and legal change has always existed and has to some extent been recognized by close observers, but the full implications of an iterative process of legal and market development have escaped sustained analysis.

23 Law was not irrelevant to this system—indeed, many of the nonlegal mechanisms of governance were facilitated by the legal structure, so law played an important coordinative function in the economy (Milhaupt 1996). But overt and extensive reliance on the legal system for protective purposes could be avoided in many areas of economic activity. Second, not only is the supply of effective law influenced by demand, but conversely, the demand for law is affected by supply. Some countries, particularly those experiencing rapid transitions toward economic growth, simply lack the technical capacity or political inclination to produce a legal system that performs crucial governance functions.

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