The Law-Growth Nexus: The Rule of Law And Economic Development - Hardcover

Dam, Kenneth W.

3.8

10 ratings by Goodreads

9780815717201: The Law-Growth Nexus: The Rule of Law And Economic Development

Hardcover

ISBN 10: 0815717202 ISBN 13: 9780815717201

Publisher: Brookings Institution Press, 2006

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An increasingly popular view holds that institutions--in particular, the rule of law--are the keys to unlocking the developing world's full growth potential. But what exactly does this mean? Which legal institutions matter and why? How can policymakers use this knowledge to promote growth? In The Law-Growth Nexus, Kenneth Dam brings five decades of experience as a legal scholar and policymaker to bear upon these questions. After reviewing the burgeoning literature on legal institutions and economic development, Dam unpacks the "rule of law" concept. Successive chapters analyze enforcement, contracts, and property rights —the three concepts that collectively define rule of law —and examine their roles in the real estate and financial sectors. Dam uses an extended analysis of China to assess the importance of the rule of law. This case study illustrates several of the book's central themes, including the difficulty of building a strong, independent judiciary and firstclass financial sector. The stark fact is that many parts of what we call the developing world have stopped developing, while other regions have seen a slowdown in once-promising growth. Could new or better legal institutions help jumpstart these economies? In exploring this question, Th e Law-Growth Nexus goes beyond regression results to examine the underlying mechanisms through which the law, the judiciary, and the legal profession influence the economy. The result is essential reading for analysts and policymakers facing the challenges of legal and economic reform.

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About the Author:

Kenneth W. Dam is Max Pam Professor of American and Foreign Law and senior lecturer at the University of Chicago Law School and a senior fellow at the Brookings Institution. He served as deputy secretary of the Treasury from 2001 to 2003 and as deputy secretary of state from 1982 to 1985. He is the author, most recently, of The Rules of the Global Game: A New Look at U.S. International Policymaking (University of Chicago, 2001).

Review:

"Very thoughtful book...highly readable to the interested lay person." —Kenneth M. Davidson, American Antitrust Institute, American Antitrust Institute Commentary, 2/19/2007

"A serious, comprehensive study...Dam provides a critical examination of the literature regarding the rule of law issue...This extraordinary study should be in every economic development collection. Excellent bibliography. Essential." —M. Veseth, University of Puget Sound, CHOICE, 5/1/2007

"Dam shows clearly that every country is different and that there are no ready solutions and he provides policy makers with a framework that they have to take into account when enacting new legal rules." — Global and European Law Books, 10/5/2007

"An informative and fresh look at the relationship of law to economic development that will be of use to newcomers to the subject as well as seasoned researchers. This book could be used as a textbook for the study of law and development." — Development and Change

"An excellent contribution to this burgeoning literature....Dam does an excellent job of succinctly explaining the assumptions and methodology that led the law and finance literature to conclude that the common law is superior to the civil law in terms of being conducive to economic growth." — Law & Politics Book Review

"Ken Dam applies the thinking of a brilliant lawyer and the experience of a participant to the issues of economic development and gives us a book full of fresh and illuminating ideas. Read and learn." —George P. Shultz, Distinguished Fellow at the Hoover Institution and former US secretary of state and of the Treasury

"Ken Dam shows that while many institutions are important to growth, claims about the contribution of different legal systems to growth often have little empirical support. I highly recommend this book as a valuable study of the role of the judiciary and other legal institutions in determining whether countries experience significant economic growth." —Gary S. Becker, University of Chicago, and 1992 recipient of the Nobel Prize in Economics

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