Overview

Recent high-profile corporate scandals—such as those involving 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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9780226525280

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Reviews

Two of the world's best scholars in law and economic development have teamed up to explain how different governments try to promote economic growth.... The 'institutional autopsies' - case studies of firm-level scandals around the world like Enron - engage the reader and draw the general out of the particular. You enjoy this book as you learn from it. - Robert Cooter, University of California, Berkeley.

Author Information

Curtis J. Milhaupt is the Furo Professor of Japanese Law and professor of comparative corporate law at Columbia Law School. He is the author of Global Markets, Domestic Institutions. Katharina Pistor is the Michael I. Sovern Professor of Law at Columbia Law School.

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