Description

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.

This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.

Law, Informal Rules and Economic Performance: The Case for Common Law

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Paperback / softback by Svetozar Pejovich , Enrico Colombatto

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Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case... Read more

    Publisher: Edward Elgar Publishing Ltd
    Publication Date: 28/12/2009
    ISBN13: 9781849800273, 978-1849800273
    ISBN10: 1849800278

    Number of Pages: 192

    Non Fiction , Business, Finance & Law

    Description

    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.

    This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.

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