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Legal institutionalism : capitalism and the constitutive role of law
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Deakin, Simon, Gindis, David, Hodgson, Geoffrey M., Huang, Kainan and Pistor, Katharina (2017) Legal institutionalism : capitalism and the constitutive role of law. Journal of Comparative Economics, 45 (1). pp. 188-200. doi:10.1016/j.jce.2016.04.005 ISSN 0147-5967.
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Official URL: http://dx.doi.org/10.1016/j.jce.2016.04.005
Abstract
Social scientists have paid insufficient attention to the role of law in constituting the economic institutions of capitalism. Part of this neglect emanates for inadequate conceptions of the nature of law itself. Spontaneous conceptions of law and property rights that downplay the role of the state are criticized here, because they typically assume relatively small numbers of agents and underplay the complexity and uncertainty in developed capitalist systems. In developed capitalist economies, law is sustained through interaction between private agents, courts and the legislative apparatus. Law is also a key institution for overcoming contracting uncertainties. It is furthermore a part of the power structure of society, and a major means by which power is exercised. This argument is illustrated by considering institutions such as property and the firm. Complex systems of law have played a crucial role in capitalist development and are also vital for developing economies.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Social Sciences > School of Law | ||||||
Journal or Publication Title: | Journal of Comparative Economics | ||||||
Publisher: | Elsevier | ||||||
ISSN: | 0147-5967 | ||||||
Official Date: | February 2017 | ||||||
Dates: |
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Volume: | 45 | ||||||
Number: | 1 | ||||||
Page Range: | pp. 188-200 | ||||||
DOI: | 10.1016/j.jce.2016.04.005 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Open Access (Creative Commons) |
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