Category Archives: Law and Development

Carmine Guerriero, ‘Property Rights, Transaction Costs, and the Limits of the Market’

Abstract Although the relevance of property rights and transaction costs for trade and innovation are well-known, we still lack a formal framework to think about their origins and interplay. Within trade interactions, fully protecting the original owners’ property implies that some high-valuation potential buyers inefficiently refuse to buy it because of transaction costs. When instead […]

Robin Malloy, ‘Law, Market, and Marketization’

Abstract: Marketization is a process occurring in many transitional economies as countries seek to adjust their legal systems to facilitate broader market participation while expanding global trade. This essay sets out one way of understanding this process by focusing on the relationship among, law, markets, and marketization. It identifies and explains basic legal requirements for […]

Jean-François Gaudreault-DesBiens, ‘On the Relative Pertinence of the Civil Law/Common Law Dichotomy When Reflecting on the Relationship between Comparative Law, Development Law and Living Law. Some Observations in the African Context’

Abstract: This article examines the pertinence of resorting to the civil law/common law dichotomy in the context of the use of legal comparison to evaluate the relative ‘performance’ of states in the development field. It accordingly looks into the growing importance of neo-institutionalist analysis in law and development economics, in order to conclude that if […]

Antonio Perez, ‘The Hedgehog, the Fox, and Kozolchyk: The Practical and Philosophical Foundations of Best Practices in Legal Harmonization for Economic Development’

Abstract: This essay explicates Professor Boris Kozolchyk’s magnum opus, Comparative Commercial Contracts, as a vehicle for exploring the practical and philosophical foundations for effective efforts to promote international legal harmonization in private law. Its central thesis is that good practices are founded on the philosophical premises embedded in Kozolchyk’s work, which in turn are drawn […]

Deepa Badrinarayana, ‘The Jewel in the Crown: Can India’s Strict Liability Doctrine Deepen Our Understanding of Tort Law Theory?’

Abstract: The evolution of tort law in former British colonies is not only fascinating; it also holds clues into the age old question of whether law or any discrete area of law can be universal. The exploration into doctrinal divergences and convergences is part of a larger quest: to capture the theoretical underpinnings of tort […]

Call For Papers: Consumers as Sustainable Market Actors: University of Sheffield, 6 July 2017

The conference intends to think critically about the role which consumers can play for the promotion of greater sustainable development. It invites papers that discuss how consumers already contribute to the promotion of sustainable development and how consumers could do this better if, for example, amendments to the law were made. The conference is open […]

Qiao and Upham, ‘China’s Changing Property Law Landscape’

Abstract: This chapter provides an outline of the changing Chinese land regime, including the past, present, and future of land expropriation, small or informal property rights, and rural land reform. We argue that the evolution of Chinese land law exhibits three characteristics. First, law serves as the final confirmation of policy reforms, rather than the […]

Banerjee, Bose and Rath, ‘Explaining the Effect of Financial Development on the Quality of Property Rights’

Abstract: Recent empirical evidence suggests that financial development can catalyze property rights reforms, and for such effect to materialize financial development must cross a threshold. This paper offers a theory of financial markets to explain both stylized facts defining the relationship. The explanation is based on a simple trade-off between the costs and the benefits […]

Mariana Pargendler, ‘Comparative Contract Law and Development: The Missing Link?’

Abstract: Contract law has long been a favorite area of study among comparative law scholars. Economists have posited that contract institutions play a central role in economic development. Yet, in sharp contrast to the state-of-the-art in other fields (such as corporate law and bankruptcy law), the possible role of contract laws in shaping economic outcomes […]

Lai, Chau and Lorne, ‘“Unclear” Initial Delineation of Property Boundaries and the Third Coase Theorem’

Abstract: This interdisciplinary study, which references previous research on the evolution of land law and real world examples of land market operating with unclear property boundaries, demonstrates that Ronald Coase’s argument that delimitation of property rights is a prelude to market transaction applies to urban development, in which certitude in initial property boundaries in geodetic […]