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| Author: | Hay, J. R. Shleifer, A. Vishny, R. W. |
| Title: | Toward a theory of legal reform |
| Journal: | European Economic Review
1996 : APR, VOL. 40:3-5, p. 559-567 |
| Index terms: | LAW CRIME EUROPE, EAST RUSSIA |
| Language: | eng |
| Abstract: | The paper describes some characteristics of legal systems with dysfunctions, and then proposes some reforms of the legal rules that would encourage private agents to trust the legal system rather than mafia to structure their transactions. We argue based both on theory and the example of Russia, that legal rules ought to accommodate rather than interfere with the existing business practices. In addition, in the transition phase, good legal rules should enable highly imperfect courts to verify violations of law and instruct courts in case of violations. |
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