The Rule of Law and Economic Development
By Stephan Haggard, Andrew MacIntyre, L. Tiede. 2008
187 citations recorded by the source corpus.
With the enormous expansion of scholarship on this subject, “rule of law” has come to mean different things—ranging from security and order to the operations of courts and the administration of justice. We review the various streams of theoretical and empirical research by academics and practitioners, emphasizing the connections to economic development. The core logic is that security of property rights and integrity of contract underpin, respectively, investment and trade, which in turn fuel economic growth and development. However, property rights and contracts rest on institutions, which themselves rest on coalitions of interests. Formal institutions are important, but, particularly in developing countries, informal institutional arrangements play a significant part as well. These considerations lead us to caution against an exaggerated confidence in the ability of development assistance to implant new institutions for the rule of law.
Subfields: Economics and Econometrics, Sociology and Political Science, Soil Science
View Paper: https://www.semanticscholar.org/paper/9b5eadc01ff8f37c6c5b08b57680b2838eb6bad3
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Citations in the corpus
- Institutional environment, innovation capacity and firm performance in Russia (2013, background): “Rule of law also contributes to creating a business environment conducive to growth by ensuring protection of property rights (Haggard et al., 2008) and transactional trust (Fogel et al.”