Legal Systems as Frameworks for Market Exchanges

Paul Rubin

Chapter 9 in Handbook of New Institutional Economics, 2008, pp 205-228 from Springer

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.

Keywords: Legal System; Market Exchange; Economic Freedom; Trade Association; Legal Study (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-540-69305-5_10

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