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The Rule of Law and Capitalism: An Overview

In: Law, Informal Rules and Economic Performance

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Abstract

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. 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.

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  • ., 2008. "The Rule of Law and Capitalism: An Overview," Chapters, in: Law, Informal Rules and Economic Performance, chapter 9, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:4198_9
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    Citations

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    Cited by:

    1. Rochat, Jean, 2017. "Les origines de la société anonyme en France: un cas pour penser les institutions de l'économie," Working Papers unige:94467, University of Geneva, Paul Bairoch Institute of Economic History.
    2. Kraemer, Klaus, 2016. "Sociology and capitalism research," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 18(1), pages 18-28.
    3. Gantenbein, Pascal & Volonté, Christophe, 2012. "Does culture affect corporate governance?," Working papers 2012/04, Faculty of Business and Economics - University of Basel.

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