| Abstract: |
A modernizing nation's economic prosperity requires at leasta modest legal infrastructure centered on the protection ofproperty and contract rights. The essential legal reform requiredto create that infrastructure may be the adoption of a systemof relatively precise legal rules, as distinct from more open-endedstandards or a heavy investment in upgrading the nation's judiciary.A virtuous cycle can arise in which initially modest expenditureson law reform increase the rate of economic growth, in turngenerating resources that will enable more ambitious legal reformsto be undertaken in the future. |
