Chapter 7: Conclusions
An Institutional Critique
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The final chapter of the book reviews conclusions to be drawn from the New Institutional Economics-driven analysis of the role of laws and the legal system in the process of development presented in the preceding chapters. It uses the criteria outlined in Chapter 1 to evaluate the model. It is concluded that the NIE-based model avoids the problems of modernization theory and is free from ethnocentrism. The NIE-based model also is suitable for evaluating the role of law and the legal system in the process of economic development. Finally, it has permitted an examination of law in action and not just the law on the books. The chapter concludes with a summary of the lessons for policymaking which the book provides.

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