Abstract

BURGOS, Germán. LEGAL INSTITUTIONS AND ECONOMIC GROWTH: THE ASIAN EXPERIENCE. Rev.econ.inst. [online]. 2006, vol.8, n.14, pp.137-166. ISSN 0124-5996.

This article shows that the consensus about the importance of institutions for economic growth is derived from Weber and North, for whom legal institutions make it possible to predict the State’s and economic agent’s actions. For Weber, law based on formal rationality contributed to the development of capitalism, creating a safe environment for investment. For North, the limitation of State abuses guaranteed the establishment of property rights that promoted market expansion. This article tries to demonstrate that the experience of some Asian countries questions this consensus, as they reached high rates of growth without formal legal institutions to limit the abusive action of the State and to make its behaviour predictable.

Keywords : legal institutions; formal institutions; informal institutions; economic growth.

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