Law and Development

Frank H. Stephen, Emeritus Professor of Regulation, School of Law, University of Manchester, UK

'Professor Stephen's book provides a masterful review and critical assessment of the implications of the New Institutional Economics for market-based economic development, with an insightful focus on transaction costs, contract, property rights, institutions, and culture. It is the most compact and accessible overview of this influential body of scholarship available to date.' --Michael Trebilcock, University of Toronto, Canada'Law and Development is an excellent contribution to our understanding of the role of law in market-led development. The book provides a masterful assessment of theories of development and the role of the legal system. In a fascinating and exceptionally well-written and systematic analysis, Professor Stephen uses new institutional economics to develop a theory of the role of law in development and to analyze empirically the importance of the financial sector for growth, the importance of the legal system for financial sector development, and the role of culture in determining the effectiveness of the legal system.'--Mary M. Shirley, President of the Ronald Coase Institute, US

• Contents: Preface Part I Introduction 1. How we got here 2. New Institutional Economics Part II Legal Systems and Development 3. Legal Origin Theory and the Transplant Effect 4. A New Institutional Economics Approach to Law and Development Part III Finance and Development 5. Financial Markets 6. Estimating the determinants of growth: an empirical exploration of an NIE framework Part IV: Conclusions 7. Conclusions References Index