Chapter 15: Toward an Institutional Approach to Comparative Economic Law?
Antonina Bakardjieva Engelbrekt I. INTRODUCTION During the last decade the interest in comparative law has grown exponentially not only on the part of the legal community, but also on the part of neighbouring disciplines, such as economics and political science. This is hardly surprising. The collapse of communism in the countries of Central and Eastern Europe and the following massive economic and legal transformation have raised intricate questions as to the role of law and legal institutions for economic growth and for the success of economic reform and have unleashed a dynamic process of legal borrowing and search for best practices. In addition, the widening and deepening of economic and political integration within the European Union have prompted debates on the relative advantages of uniformity versus diversity of legal institutions and on regulatory competition (Ogus, 2007; Kerber and Heine, 2002). Finally, economic globalisation has intensified the involvement of international economic organisations like the World Bank (WB), the World Trade Organization (WTO) and the International Monetary Fund (IMF) in market and political reforms in developing and transition countries and has, more generally, triggered an interest in emulating successful legal and economic models.1 This chapter looks into several examples of application of economic theory in the area of comparative economic law.2 The focus is in particular on a series of contributions in the economic literature now known as the New Comparative Economics (La Porta et al, 2003). The New Comparative Economics (hereinafter NCE) builds on institutional economics, but seeks to offer a...
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