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Instituciones jurídicas y crecimiento económico: la experiencia asiática

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  • Germán Burgos

    (Universidades Nacional de Colombia y Externado de Colombia)

Abstract

This article shows that the consensus about the importance of institutions for economic growth is derived from Weber and North, for whom legal institutions make it possible to predict the State’s and economic agent’s actions. For Weber, law based on formal rationality contributed to the development of capitalism, creating a safe environment for investment. For North, the limitation of State abuses guaranteed the establishment of property rights that promoted market expansion. This article tries to demonstrate that the experience of some Asian countries questions this consensus, as they reached high rates of growth without formal legal institutions to limit the abusive action of the State and to make its behaviour predictable.

Suggested Citation

  • Germán Burgos, 2006. "Instituciones jurídicas y crecimiento económico: la experiencia asiática," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(14), pages 137-166, January-J.
    • Handle: RePEc:rei:ecoins:v:8:y:2006:i:14:p:137-166
    as

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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/gburgos14.pdf
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    References listed on IDEAS

    as
    1. Campos, Nauro F. & Nugent, Jeffrey B., 1999. "Development Performance and the Institutions of Governance: Evidence from East Asia and Latin America," World Development, Elsevier, vol. 27(3), pages 439-452, March.
    2. Randall Peerenboom, 2002. "Social networks, rule of law and economic growth in China: The elusive pursuit of the right combination of private and public ordering," Global Economic Review, Taylor & Francis Journals, vol. 31(2), pages 1-19.
    3. North, Douglass C., "undated". "The Process of Economic Change," WIDER Working Papers 295452, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    4. North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(4), pages 803-832, December.
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    More about this item

    Keywords

    legal institutions; formal institutions; informal institutions; economic growth;
    All these keywords.

    JEL classification:

    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other

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