Evolution of Corporate Law and the Transplant Effect: Lessons from Six Countries |
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| Authors: | Pistor, Katharina Keinan, Yoram Kleinheisterkamp, Jan West, Mark D. |
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| Affiliation: | Katharina Pistor is associate professor of law at Columbia Law School; her e-mail address is kpisto{at}law.columbia.edu. Yoram Keinan is associate at Shearman & Sterling; his e-mail address is ykeinan{at}shearman.com. Jan Kleinheisterkamp is research associate at the Max-Planck Institute for Foreign Private and Private International Law, Hamburg, Germany; his e-mail address is kleinheisterkamp{at}mpipriv-hh.mpg.de. Mark D. West is assistant professor of law, University of Michigan Law School; his e-mail address is markwest{at}umich.edu. |
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| Abstract: | The pattern of legal change in countries that have their legalsystems transplanted from abroad differs markedly from countriesthat develop their own systems, irrespective of the legal familyfrom which their laws come. In "transplant" countries, law oftenstagnates for long periods of time; when change takes place,it tends to be radical, if not erratic. External models remaindominant even years after the law was transplanted. Althoughthere is some evidence that transplant countries have engagedin comprehensive legal reforms in response to the pressuresof globalization, it is still too early to judge whether thesenew changes can be taken as a sign that the legal systems inthese countries have started a process of endogenous legal evolution. |
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