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The Karst Phenomena of Law in Action

In: Monetary Policy Normalization

Author

Listed:
  • Marco Rossi

    (Managing Partner RR&P, President of the Scientific Committee of the Alma Iura Study Centre)

Abstract

The chapter explores the differences between civil law and common law systems, focussing on their impact on legal systems, financial structures and economic growth. The author discusses how civil law systems are based on rules and the idea of sovereign states, while common law systems prioritise individual rights and property protection. The chapter suggests that common law systems have been considered more efficient and adaptable to economic changes, leading to deeper financial markets. However, it also highlights that the efficiency of legal systems is subjective and depends on various factors. The chapter proposes further research to examine how civil law and common law systems react differently to monetary policies and their influence on output and prices. It also discusses a shift in Italy towards a legal system resembling common law, with an increasing reliance on case law, and the transfiguration of the Roman system. The chapter concludes by emphasising the value of precedent and the potential impact of this trend on the Italian legal system, referring to recent EU law judgements as an example.

Suggested Citation

  • Marco Rossi, 2023. "The Karst Phenomena of Law in Action," Contributions to Economics, in: Paolo Savona & Rainer Stefano Masera (ed.), Monetary Policy Normalization, pages 159-172, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-38708-1_8
    DOI: 10.1007/978-3-031-38708-1_8
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