Entrepreneurship and Innovation in Evolving Economies
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Entrepreneurship and Innovation in Evolving Economies

The Role of Law

Edited by Megan M. Carpenter

Entrepreneurship and Innovation in Evolving Economies examines the role of law in supporting innovation and entrepreneurship in communities whose economies are in transition. It contains a collection of works from different perspectives and tackles tough questions regarding policy and practice, including how support for entrepreneurship can be translated into policy. Additionally, this collection addresses more concrete questions of practical efficacy, including measures of how successful or unsuccessful legal efforts to incentivize entrepreneurship may be, through intellectual property law and otherwise, and what might define success to begin with.
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Chapter 10: The Rule of Law, Privatization, and the Promise of Transborder Licensing

Andrea L. Johnson


Andrea L. Johnson* Rules don’t ensure sustainable economic development; people do. I. INTRODUCTION The rule of law in the international context is defined using different terminology, but has the same basic components: a set of rules by which persons have equal access to a legal system that is transparent, has an independent decision-making body, and where the rules are applied in a nondiscriminatory fashion.1 Historically, a government’s failure to adhere to the rule of law leads to a lack of trust and predictability necessary to attract foreign investment. In the 1990s, privatization of state-owned assets and enterprises in developing countries became a plausible way to stabilize financial markets, spur foreign investment, retire debt, and improve local economies.2 The theory was that foreign investment in sectors such as telecommunications stimulated economic development in new and existing * The author would like to acknowledge Tara Pelan, Esq. for her valuable contributions to this chapter. 1 See Simon Chesterman, An International Rule of Law?, 56 Am. J. Comp. L. 331 (2008) (hereinafter “Chesterman”). The World Justice Project (WJP) identifies four universal principals for the rule of law: 1) government and its officials are accountable under the law; 2) the laws are clear, publicized, stable and fair, and protect fundamental rights, including the security of persons and property; 3) process by which the laws are enacted, administered, and enforced is accessible, fair, and efficient; and 4) access to justice is provided by competent, independent, ethical adjudicators, attorneys, and judicial officers. M. Agrast, J. Botero, & A....

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