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Legal Systems as Frameworks for Market Exchanges

In: Handbook of New Institutional Economics

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  • Paul H. Rubin

Abstract

The quotation from Milton Friedman heading this chapter summarizes the evolution of beliefs of many economists (including myself) following the collapse of the Soviet Union and its satellites. Initially, it was widely believed that creation of markets and the freeing of the economy would be enough to lead to economic growth and prosperity. The lesson of this episode in human history is that removal of restraints and creation of property rights is not sufficient. Rather, an economy needs a legal system in order to thrive and grow, and creation of such a legal system is a difficult task. Indeed, it is not obvious that it is always possible to succeed in this process.
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Suggested Citation

  • Paul H. Rubin, 2005. "Legal Systems as Frameworks for Market Exchanges," Springer Books, in: Claude Menard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 9, pages 205-228, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25092-2_10
    DOI: 10.1007/0-387-25092-1_10
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    Cited by:

    1. Buchen, Clemens, 2010. "Emerging economic systems in Central and Eastern Europe – a qualitative and quantitative assessment," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 37141, September.
    2. Beck, T.H.L., 2010. "Legal Institutions and Economic Development," Other publications TiSEM 8aa07b48-ce55-4cf6-8754-7, Tilburg University, School of Economics and Management.
    3. Enrico Colombatto, 2006. "Law, Economics and the Institutional Approach to Development and Transition: towards an Evolutionary Perspective," ICER Working Papers 7-2006, ICER - International Centre for Economic Research.

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