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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 June 2021

Legal Systems and Economic Development

Legal Systems and Economic Development

(p.537) Chapter 56 Legal Systems and Economic Development
The Handbook of Political, Social, and Economic Transformation

Katharina Pistor

Oxford University Press

Legal systems and economic development stand in a complex, interdependent relation to one another. Attempts to identify a causal relation from law to economic outcomes have mostly failed, because they don’t take into account the effect of legal and economic change on power structures, and more broadly, on social relations. In part this can be attributed to the conceptual blindness of certain disciplines that focus on micro-constellations and largely ignore systemic effects; in part, it is the result of wishful thinking in policymaking institutions that have time and again tried to use law as an instrument for engineering economic change.

Keywords:   law, legal systems, economy, social systems, complexity, power relations, stability

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