Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around…

Paperback | April 15, 2010

byCurtis J. Milhaupt

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Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth.
            Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics. Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.
 

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Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporar...

Curtis J. Milhaupt is the Fuyo Professor of Law and director of the Center for Japanese Legal Studies at Columbia Law School. He is the author of Global Markets, Domestic Institutions. Katharina Pistor is professor of law at Columbia Law School.   

other books by Curtis J. Milhaupt

Format:PaperbackDimensions:280 pages, 9 × 6 × 1 inPublished:April 15, 2010Publisher:University Of Chicago PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0226525287

ISBN - 13:9780226525280

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Table of Contents

Preface  
Introduction  

Part I: From Weber to the World Bank, and Beyond  
One: The Prevailing View: Impact, Assumptions, and Problems  
Two: Rethinking the Relation between Legal and Economic Development  

Part II: Institutional Autopsies  
Three: The Enron Scandal: Legal Reform and Investor Protection in the United States  
Four: The Mannesmann Executive Compensation Trial in Germany  
Five: The Livedoor Bid and Hostile Takeovers in Japan: Postwar Law and Capitalism at the Crossroads  
Six: Law, Growth, and Reform in Korea: The SK Episode  
Seven: The China Aviation Oil Episode: Law and Development in China and Singapore  
Eight: “Renationalizing” Yukos: Law and Control over Natural Resources in the Russian Economy  

Part III: Implications and Extensions
Nine: Understanding Legal Systems  
Ten: Legal Change  
Eleven: Conclusion  

Notes  
References