Law, Informal Rules and Economic Performance: The Case for Common Law by Svetozar Pejovich, Enrico Colombatto

Law, Informal Rules and Economic Performance: The Case for Common Law



Download Law, Informal Rules and Economic Performance: The Case for Common Law




Law, Informal Rules and Economic Performance: The Case for Common Law Svetozar Pejovich, Enrico Colombatto
Language: English
Page: 190
Format: pdf
ISBN: 1845428730, 9781848442900
Publisher:

Review

'This is a must-read for anyone who wants to understand why Western capitalism has outperformed all other economic systems. Professor Pejovich explains how the institutions of capitalism, especially those based on common law, make for excellence, even in comparison with Western civil law countries. He presents a compelling theory of how systems evolve through the interactions of formal and informal institutions, an analysis that has deep significance for economic reform proposals throughout the world.'- John H. Moore, Grove City College, US'There are many books on the virtues of capitalism and capitalism as a moral system. Steve Pejovich avoids that mistake. Capitalism, for him, is a system based on human behavior. It survives because it meets the needs that individuals face and provides opportunities that individuals are able to accept. Unlike the utopian visions that have competed against capitalism, it does not impose the vision of a self-selected group. It responds to the desires and wishes of real people most of whom find satisfaction in the way the system works for them. Pejovich traces the behavior of the system back to its roots in methodological individualism. In an excellent development he brings the philosophical into its relation to the economic.'- Allan Meltzer, Carnegie Mellon University, US'In Law, Informal Rules and Economic Performance, Svetozar Pejovich presents a unique juxtaposition of economics, political science, history and the theory of institutional change to explain the wealth of nations. The book is brilliantly convincing in arguing that individual rights rather than state control are responsible for the historical growth and prosperity of successful nations. Indeed, Pejovich goes further to argue that the only route to collective prosperity is through individual rights and freedom.'- Thomas Saving, Texas A&M University, US

About the Author

Svetozar Pejovich, Professor Emeritus, Texas A&M University, US, Honorary Doctorate, University of Belgrade, Serbia and Professor of Law and Economics, University of Donja Gorica, Montenegro; with contributions from Enrico Colombatto, Professor of Economics, School of Economics, University of Turin, Italy

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