Chapter

Conclusion

in Law and Capitalism

Published by University of Chicago Press

Published in print June 2008 | ISBN: 9780226525273
Published online March 2013 | e-ISBN: 9780226525297 | DOI: http://dx.doi.org/10.7208/chicago/9780226525297.003.0012
Conclusion

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This book began by noting that the quest to link economic success with particular features of a legal system has attracted the attention of prominent scholars for more than a century. It takes seriously George Fletcher's admonition that comparative law should be a “subversive” discipline. Its “subversive” goal has been to challenge many aspects of the prevailing view of the way in which law supports markets—not only in faraway legal systems but in the United States, the implicit paradigm of “good law” against which many legal systems are compared today. Most fundamentally, the book has argued that it is time for new thinking about legal systems and their relation to markets. It has shown that in several of the countries it examined economic development preceded a “rule of law” as that term is widely understood and discussed in the literature today. Among countries at roughly equivalent stages of advanced economic development such as the United States, Germany, and Japan, legal systems vary substantially in the process of lawmaking and law enforcement.

Keywords: legal systems; George Fletcher; law; markets; endowment; political economy; law enforcement; economic development; rule of law; United States

Chapter.  2395 words. 

Subjects: Company and Commercial Law

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