The history of great legal systems seems to be part and parcel of the history of great cultures and successful societies. From Plato’s Republic to the great Roman Code of Justinian, and from the Analects of Confucius to the Napoleonic Code, legal history appears to be inextricably interconnected with political, social and economic strength.

• Is this just anecdotal or coincidental?
• An artifact of the way we write or study history?
• Or is there something more fundamental at work?

Recent empirical scholarship suggests a connection between fundamental characteristics of a country’s legal system and its capacity for economic growth and development. The potential implications of this research are far-reaching for international policy-makers, for governments and agencies that fund economic development and for businesses looking to compete in global markets. Understanding how historical and existing legal regimes have influenced economic development may suggest opportunities for legal reform.

• What legal systems are likely to provide the best environment for investment and business?
• Is a common law system really more conducive to economic development than a civil law system?
• What is the role of an independent judiciary in fostering economic development?
• Does private international arbitration provide an alternative that promotes economic development?

We explored these and other questions in a conference of academics, practitioners and judges who focused on the issue of whether, and if so, how, legal and judicial infrastructure affects economic development.

Date

Oct. 28, 2005