Law and capitalism : what corporate crises reveal about legal systems and economic development around the world

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. Law And Capitalism Examines Contemporary Corporate Governance Crises In Six Countries To Shed Light On The Interaction Of Legal Systems And Economic Change. This 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 Non-legal Mechanisms Has Supported Economic Growth Around The World. Their 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. 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.--book Jacket. Pt. 1. From Weber To The World Bank, And Beyond -- The Prevailing View : Impact, Assumptions, And Problems -- Rethinking The Relation Between Legal And Economic Development -- Pt. 2. Institutional Autopsies -- The Enron Scandal : Legal Reform And Investor Protection In The United States -- The Mannesmann Executive Compensation Trial In Germany -- The Livedoor Bid And Hostile Takeovers In Japan : Postwar Law And Capitalism At The Crossroads -- Law, Growth, And Reform In Korea : The Sk Episode -- The China Aviation Oil Episode : Law And Development In China And Singapore -- Renationalizing Yukos : Law And Control Over Natural Resources In The Russian Economy -- Pt. 3. Implications And Extensions -- Understanding Legal Systems -- Legal Change -- Conclusion. Curtis J. Milhaupt, Katharina Pistor. Includes Bibliographical References( P. [249]-262) And Index. Also Available Online. Recent high-profile corporate scandalsOCosuch as those involvingaEnron in the United States, Yukos in Russia, and Livedoor in JapanOCodemonstrate 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 lawOCOs instrumental function for financial market development and economic growth. aaaaaaaaaaa 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 OC rolling relationship, OCO 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.a

Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to the legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines contemporary corporate governance crises in six countries.

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.

Harvard Law Review

"The title of Law & Capitalism, a remarkable new book . . . might seem to suggest that Millhaupt and Pistor are adding their voices to the choir. If this is what one were expecting, however, that expectation would quickly be dashed. Nearly every page of Law & Capitalism stands in implicit or explicit dissent from the prevailing view."

— David A. Skeel, Jr.

Recent high-profile corporate scandals demonstrate challenges to the legal regulation of business practices in capitalist countries. Setting forth an analytic framework for understanding these problems, this work examines corporate governance crises in the US, China, Germany, Japan, Korea and Russia