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Political Corruption in Africa

Extraction and Power Preservation

Edited by Inge Amundsen

Analysing political corruption as a distinct but separate entity from bureaucratic corruption, this timely book separates these two very different social phenomena in a way that is often overlooked in contemporary studies. Chapters argue that political corruption includes two basic, critical and related processes: extractive and power-preserving corruption.
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Edited by Inge Amundsen

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Markus Krajewski and Rhea Tamara Hoffmann

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Edited by Markus Krajewski and Rhea T. Hoffmann

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Edited by Markus Krajewski and Rhea T. Hoffmann

Increasing international investment, the proliferation of international investment agreements, domestic legislation, and investor-State contracts have contributed to the development of a new field of international law that defines obligations between host states and foreign investors with investor-State dispute settlement. This involves not only vast sums, but also a panoply of rights, duties, and shifting objectives at the juncture of national and international law and policy. This engaging Research Handbook provides an authoritative account of these diverse investment law issues.
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Conclusions

An Institutional Critique

Frank H. Stephen

The final chapter of the book reviews conclusions to be drawn from the New Institutional Economics-driven analysis of the role of laws and the legal system in the process of development presented in the preceding chapters. It uses the criteria outlined in Chapter 1 to evaluate the model. It is concluded that the NIE-based model avoids the problems of modernization theory and is free from ethnocentrism. The NIE-based model also is suitable for evaluating the role of law and the legal system in the process of economic development. Finally, it has permitted an examination of law in action and not just the law on the books. The chapter concludes with a summary of the lessons for policymaking which the book provides.

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Frank H. Stephen

Chapter 6 develops and estimates an econometric model of the determinants of growth to illustrate the insights gained from using the NIE-based framework developed in Chapter 4. It demonstrates the influence of the legal environment on the size of the financial sector and the influence of culture on the legal environment including the effectiveness of the legal system. The benefits of information enhancing institutions in promoting financial sector development (FSD) are also demonstrated. The model is used to test the competing claims of legal origin and culture in explaining the content and effectiveness of a jurisdiction’s laws. The tests suggest a limited impact of legal origin beyond that of culture in these respects. They also provide support for the transplant effect. These results suggest that legal reform to support a market-based approach to development must take account of the cultural context in which it is taking place.

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Financial markets

An Institutional Critique

Frank H. Stephen

Chapter 5 outlines the role which the financial sector plays in market-based economic development and the role played by the legal system in financial sector development (FSD). After discussing the fundamental functions of any financial system and the different types of markets and institutions which constitute a financial system, the chapter turns to a discussion of how FSD might be measured. The evidence on the relationship between FSD and economic growth is assessed. Building on this empirical evidence, the factors which promote FSD are examined. The chapter draws not only on the finance literature but the institutional literature discussed in Chapters 2, 3 and 4. These tools are then utilized to examine the problems faced and potential opportunities open to FSD in developing countries. In this regard, particular attention is paid to the relative merits of credit markets and capital markets in promoting FSD in developing countries.

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How we got here

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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Law and Development

An Institutional Critique

Frank H. Stephen

This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.