Legal institutions and economic development

T.H.L. Beck

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

9 Citations (Scopus)


This article focuses on the economic approach to institutions, looking at their role of supporting markets and exchange between economic agents, overcoming market frictions. The article is organized as follows. First, it defines legal institutions and presents different attempts at measuring them. Then, it surveys the historic, theoretical, and empirical literature that shows the importance of legal institutions for capitalism and economic development. It presents different theories of the divergence of legal institutions across countries and empirical evidence. The final section summarizes and looks forward.
Original languageEnglish
Title of host publicationThe Oxford Handbook of Capitalism
EditorsD.C. Müller
Place of PublicationOxford
PublisherOxford University Press
Number of pages576
ISBN (Print)9780195391176
Publication statusPublished - 2012


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