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An Institutional Critique

Frank H. Stephen

Chapter 1 sets the scene for the book. It discusses the reasons for the interest in the relationship between the law and economic development beginning with an outline of theories of development. The theory of development currently favoured by multilateral development agencies such as the World Bank is one of market-led development which emphasizes the role of the financial sector. Drawing on an analysis of the reasons why the Law and Development Movement of the 1960s and 1970s failed, criteria by which theories of law and the legal system’s role in development should be evaluated are identified. It is argued that a theory based on New Institutional Economics can satisfy these criteria.

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Tina Søreide

The introduction outlines the scope of the book, and describes the problem of corruption, pointing out common criminal law enforcement challenges, and offering better anticorruption solutions by drawing on both legal and economic reasoning. The phenomenon of corruption is described and defined, as are other key concepts, such as what is meant when referring to the criminal justice system, or a country’s integrity mechanisms, and why is it necessary to identify efficiency criteria for criminal law enforcement. Law and economics offer a broad range of tools for controlling corruption; how they are used depends on mutual understanding and collaboration between the disciplines.
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Tina Søreide

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Tina Søreide

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Michael Faure and Xinzhu Zhang

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Simon Deakin and Katharina Pistor

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Michael J. Trebilcock and Mariana Mota Prado

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Michael J. Trebilcock and Mariana Mota Prado

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Edited by Julio Faundez and Celine Tan

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Julio Faundez and Celine Tan