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Creating a Legal Framework for Economic Development

Creating a Legal Framework for Economic Development AbstractA 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The World Bank Research Observer Oxford University Press

Creating a Legal Framework for Economic Development

The World Bank Research Observer , Volume 13 (1) – Feb 1, 1998

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References (28)

Publisher
Oxford University Press
Copyright
© 1998 The International Bank for Reconstruction and Development/THE WORLD BANK
ISSN
0257-3032
eISSN
1564-6971
DOI
10.1093/wbro/13.1.1
Publisher site
See Article on Publisher Site

Abstract

AbstractA 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.

Journal

The World Bank Research ObserverOxford University Press

Published: Feb 1, 1998

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