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| 1 |
ID:
165597
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| Summary/Abstract |
This article analyzes the prospects for globalizing the varieties of capitalism (voc) debate. It identifies and compares firm-centered, governance-centered, and state-centered approaches to extending the debate on capitalist diversity, and discusses the distinctive contributions of each approach as well as the trade-offs between them. The author draws on three agenda-setting volumes that engage with the voc framework and study capitalist diversity in three regions not usually covered by this literature: Latin America, East and Southeast Asia, and East Central Europe. As these regions play an increasingly important role in the world economy, this article examines what the books imply about the current state of knowledge about global voc. The author argues that the extension of the voc debate to these parts of the world is important for advancing the understanding of economic institutions; the approach can reinvigorate research on capitalist diversity and the institutional foundations of economic development in the current era of globalization.
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| 2 |
ID:
085175
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| Publication |
2008.
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| Summary/Abstract |
This paper offers a critical evaluation of the interrelation of law and economics in the context of development. The paper describes the current promotion of law reform by international institutions like the World Bank as the product of neoliberal economic theory. The analysis examines the role of law historically as an expression of economic orthodoxy, arguing that the Washington Consensus has determined the shape of law reforms, pointing them to the definition and protection of private property rights, aiming to separate politics from economics. The relative failure of these policies in their application to countries emerging from communism led to the expansion of the reform agenda to include market-supporting institutions, among them the rule of law. The paper assesses the extent to which this expansion means that the role of the law and the relationship of regulation to market have changed sufficiently to denote a Post-Washington Consensus. It concludes that the use of law reform to impose what neoliberalism considers 'rational' solutions undermines the legitimacy of democratic institutions in developing and transitional countries.
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