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Vol 21 No 10 Oct/Nov 2016

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Law and Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World

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ISBN13: 9780226525280
Published: April 2010
Publisher: The University of Chicago Press
Country of Publication: USA
Format: Paperback reissue
Price: £21.50
Hardback edition , ISBN13 9780226525273



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Recent high-profile corporate scandals—such as Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth.

Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics.

Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.

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