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Law and CapitalismWhat Corporate Crises Reveal about Legal Systems and Economic Development around the World$
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Curtis J. Milhaupt and Katharina Pistor

Print publication date: 2008

Print ISBN-13: 9780226525273

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226525297.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use (for details see www.chicago.universitypressscholarship.com/page/privacy-policy).date: 17 October 2018

The Prevailing View: Impact, Assumptions, and Problems

The Prevailing View: Impact, Assumptions, and Problems

(p.17) One The Prevailing View: Impact, Assumptions, and Problems
Law and Capitalism
University of Chicago Press

A very simple view of the relation between law and markets has taken hold in the minds of many smart people—people whose research and policy advice carry tremendous weight. That simple view, not a deeply nuanced perspective that would follow from a careful reading of the entire body of literature, is repeated in important academic journals and the pages of World Bank publications and animates legal reforms undertaken in many countries in the recent past. A rule of law to protect property rights and enforce contracts is an essential precondition to economic development because without it, transaction costs will be prohibitive in many cases. This chapter traces the intellectual history of the endowment perspective by Max Weber and examines its implications.

Keywords:   law, markets, legal reforms, property rights, contracts, transaction costs, endowment perspective, Max Weber, capitalism

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