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1
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79959456779
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Economic performance through time, nobel lecture (Dec. 9, 1993)
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at 112, Torsten Persson ed., emphasis added
-
Douglass C. North, Economic Performance Through Time, Nobel Lecture (Dec. 9, 1993), in NOBEL LECTURES IN ECONOMIC SCIENCES 1991-1995, at 112 (Torsten Persson ed., 1997) (emphasis added):
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(1997)
Nobel Lectures in Economic Sciences
, pp. 1991-1995
-
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North, D.C.1
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2
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79959465544
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-
Economic history is about the performance of economies through time. The objective of research in the field is not only to shed new light on the economic past but also to contribute to economic theory by providing an analytical framework that will enable us to understand economic change. A theory of economic dynamics comparable in precision to general equilibrium theory would be the ideal tool of analysis.... A theory of economic dynamics is also crucial for the field of economic development
-
Economic history is about the performance of economies through time. The objective of research in the field is not only to shed new light on the economic past but also to contribute to economic theory by providing an analytical framework that will enable us to understand economic change. A theory of economic dynamics comparable in precision to general equilibrium theory would be the ideal tool of analysis.... A theory of economic dynamics is also crucial for the field of economic development.
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3
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0003459520
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See, "Our arguments central to this book are straightforward. Efficient economic organization is the key to growth; the development of an efficient economic organization in Western Europe accounts for the rise of the West."
-
See DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 1 (1973) ("Our arguments central to this book are straightforward. Efficient economic organization is the key to growth; the development of an efficient economic organization in Western Europe accounts for the rise of the West.").
-
(1973)
The Rise of the Western World: A New Economic History
, pp. 1
-
-
North, D.C.1
Thomas, R.P.2
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4
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0003540038
-
-
See, "If I describe an institutional framework with a reverse set of incentives to those that are efficient and conducive to economic growth, I will approximate the conditions in many Third World countries today as well as those that have characterized much of the world's economic history."
-
See DOUGLASS C. NORTH, INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE 9 (1990) ("[I]f I describe an institutional framework with a reverse set of incentives to those [that are efficient and conducive to economic growth], I will approximate the conditions in many Third World countries today as well as those that have characterized much of the world's economic history.").
-
(1990)
Institutions, Institutional Change and Economic Performance
, pp. 9
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North, D.C.1
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6
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79959414744
-
-
For a discussion of how these law and development programs emerged, see infra Part I. B. For a critical evaluation of these programs, see infra Part II. B
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For a discussion of how these law and development programs emerged, see infra Part I. B. For a critical evaluation of these programs, see infra Part II. B.
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-
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7
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79959400716
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For a discussion of this development, see infra Part I. B
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For a discussion of this development, see infra Part I. B.
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-
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8
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79959429011
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-
This term arose because the three most influential actors in setting the global development policy agenda endorsed it Those actors were the World Bank, the U. S. Treasury, and the International Monetary Fund
-
This term arose because the three most influential actors in setting the global development policy agenda endorsed it Those actors were the World Bank, the U. S. Treasury, and the International Monetary Fund.
-
-
-
-
9
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79959406615
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Introduction to
-
See, 3-4, Narcfs Serra & Joseph E. Stiglitz eds., defining the Washington Consensus as "the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury"
-
See Narcfs Serra et al., Introduction to THE WASHINGTON CONSENSUS RECONSIDERED: TOWARDS A NEW GLOBAL GOVERNANCE 3, 3-4 (Narcfs Serra & Joseph E. Stiglitz eds., 2008) (defining the Washington Consensus as "the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury").
-
(2008)
The Washington Consensus Reconsidered: Towards A New Global Governance
, pp. 3
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Serra, N.1
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10
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79959396687
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The economist John Williamson coined the term "Washington Consensus" in 1989
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The economist John Williamson coined the term "Washington Consensus" in 1989.
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-
-
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11
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-
84920117553
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A short history of the washington consensus
-
See, in, supra note 7, at, By the time he coined the term, however, the policy reforms it described had been in place for several years; indeed, this was the very meaning of the term consensus, denoting an observation of agreement on policy reforms arising over a period of time
-
See John Williamson, A Short History of the Washington Consensus, in THE WASHINGTON CONSENSUS RECONSIDERED: TOWARDS A NEW GLOBAL GOVERNANCE, supra note 7, at 14. By the time he coined the term, however, the policy reforms it described had been in place for several years; indeed, this was the very meaning of the term consensus, denoting an observation of agreement on policy reforms arising over a period of time.
-
The Washington Consensus Reconsidered: Towards A New Global Governance
, pp. 14
-
-
Williamson, J.1
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12
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-
79959425661
-
-
Williamson himself has repeatedly objected to using this term to denote the neoclassical economic theory associated with the rise of the conservative Reagan and Thatcher governments of the 1980s
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Williamson himself has repeatedly objected to using this term to denote the neoclassical economic theory associated with the rise of the conservative Reagan and Thatcher governments of the 1980s.
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-
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13
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79959415538
-
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See id. at 22. Williamson's original conceptualization of the term denoted a more moderate set of beliefs
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See id. at 22. Williamson's original conceptualization of the term denoted a more moderate set of beliefs.
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-
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14
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79959427862
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See id. at 16-17
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See id. at 16-17;
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-
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15
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79959469933
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Intellectual history as legal analysis
-
see also, Williamson has acknowledged that a sense of personal ownership over the term fueled his objections
-
see also Yoram Margalioth, Intellectual History as Legal Analysis, 96 CORNELL L. REV. 1025 (2011). Williamson has acknowledged that a sense of personal ownership over the term fueled his objections.
-
(2011)
Cornell L. Rev.
, vol.96
, pp. 1025
-
-
Margalioth, Y.1
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16
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-
0033653542
-
What should the world bank think about the washington consensus?
-
See, 251-52, "I find that the term has been invested with a meaning that is significandy different from that which I had intended. I had naively imagined that just because I had invented the expression, I had some sort of intellectual property rights that entided me to dictate its meaning, but in fact the concept had become public property.". Despite those objections, the association of the Washington Consensus with neoclassicism has prevailed, and in using the term in this way, I join the ranks of, among others, Nobel Laureate Joseph Stiglitz, who attracted Williamson's ire for the same reason
-
See John Williamson, What Should the World Bank Think About the Washington Consensus?, 15 WORLD BANK RES. OBSERVER 251, 251-52 (2000) ("I find that the term has been invested with a meaning that is significandy different from that which I had intended.... I had naively imagined that just because I had invented the expression, I had some sort of intellectual property rights that entided me to dictate its meaning, but in fact the concept had become public property."). Despite those objections, the association of the Washington Consensus with neoclassicism has prevailed, and in using the term in this way, I join the ranks of, among others, Nobel Laureate Joseph Stiglitz, who attracted Williamson's ire for the same reason.
-
(2000)
World Bank Res. Observer
, vol.15
, pp. 251
-
-
Williamson, J.1
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17
-
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0004153025
-
-
See Williamson, supra note 8, at 22 & n. 6 objecting to the use of the term "as a synonym for neoliberalism or market fundamentalism" and citing as an example
-
See Williamson, supra note 8, at 22 & n. 6 (objecting to the use of the term "as a synonym for neoliberalism or market fundamentalism" and citing as an example JOSEPH E. STIGLITZ, GLOBALIZATION AND ITS DISCONTENTS 74 (2002)).
-
(2002)
Globalization and Its Discontents
, pp. 74
-
-
Stiglitz, J.E.1
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18
-
-
79959486442
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-
See STIGUTZ, supra note 9
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See STIGUTZ, supra note 9.
-
-
-
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19
-
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79959469760
-
-
For a discussion of the Washington Consensus, see STIGLITZ, supra note 9, at 67. Stiglitz groups the concepts of fiscal austerity and monetary stabilization into the term macrostability
-
For a discussion of the Washington Consensus, see STIGLITZ, supra note 9, at 67. Stiglitz groups the concepts of fiscal austerity and monetary stabilization into the term macrostability.
-
-
-
-
20
-
-
79959416116
-
-
See id. High inflation and fiscal deficits were viewed as the two major threats to such stability; prevention of inflation through both monetary policies, including high interest rates and through reduced public spending was viewed as paramount to stabilization
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See id. High inflation and fiscal deficits were viewed as the two major threats to such stability; prevention of inflation through both monetary policies, including high interest rates and through reduced public spending was viewed as paramount to stabilization.
-
-
-
-
21
-
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79959422368
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A broad view of macroeconomic stability
-
See, in, supra note 7, at, critically contrasting this view with the earlier Keynesian view. Though Williamson did not identify monetary stabilization in his original list of Washington Consensus policies, the focus of many developing-country reform programs of this era, particularly in Latin America, was on curbing inflation
-
See José Antonio Ocampo, A Broad View of Macroeconomic Stability, in THE WASHINGTON CONSENSUS RECONSIDERED: TOWARDS A NEW GLOBAL GOVERNANCE, supra note 7, at 63 (critically contrasting this view with the earlier Keynesian view). Though Williamson did not identify monetary stabilization in his original list of Washington Consensus policies, the focus of many developing-country reform programs of this era, particularly in Latin America, was on curbing inflation.
-
The Washington Consensus Reconsidered: Towards A New Global Governance
, pp. 63
-
-
Ocampo, E.J.1
-
22
-
-
26444591906
-
The credibility of monetary reform-new evidence
-
See, 398-99
-
See Andreas Freytag, The Credibility of Monetary Reform-New Evidence, 124 PUB. CHOICE 391, 398-99 (2005);
-
(2005)
Pub. Choice
, vol.124
, pp. 391
-
-
Freytag, A.1
-
23
-
-
79959466086
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Labour migration as an unintended consequence of globalization in Mexico, 1980-2000
-
see also, in, 277-79, Adelle Blackett & Christian Lévesque eds., describing Mexico's stabilization programs of the era. The focus on monetary stabilization was induced not only by the devastating impact of inflation on the domestic populations of these countries but also by the theoretical focus of the neoclassical Chicago School on supply-side economics and monetary policy
-
see also Chantal Thomas, Labour Migration as an Unintended Consequence of Globalization in Mexico, 1980-2000, in SOCIAL REGIONALISM IN THE GLOBAL ECONOMY 273, 277-79 (Adelle Blackett & Christian Lévesque eds., 2011) (describing Mexico's stabilization programs of the era). The focus on monetary stabilization was induced not only by the devastating impact of inflation on the domestic populations of these countries but also by the theoretical focus of the neoclassical Chicago School on supply-side economics and monetary policy.
-
(2011)
Social Regionalism in the Global Economy
, pp. 273
-
-
Thomas, C.1
-
25
-
-
84927071250
-
The future of law and development: Second-generation reforms and the incorporation of the social
-
210, David M. Trubek & Alvaro Santos eds.
-
Kerry Rittich, The Future of Law and Development: Second-Generation Reforms and the Incorporation of the Social, in THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL 203, 210 (David M. Trubek & Alvaro Santos eds., 2006).
-
(2006)
The New Law and Economic Development: A Critical Appraisal
, pp. 203
-
-
Rittich, K.1
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26
-
-
79959466674
-
-
See infra Appendix
-
See infra Appendix.
-
-
-
-
27
-
-
79959409161
-
-
See also infra notes 221-32 and accompanying text
-
See also infra notes 221-32 and accompanying text
-
-
-
-
28
-
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79959470333
-
-
See, describing the rise of "neoclassical economic policy" as a "second stage of economic development thinking", which challenged and reversed the heavily statist approach of the earlier postwar era and then describing how this "search for new solutions led to an increasing focus on how poorly many developing country governments functioned and especially on widespread inadequacies, even corruption, of public regulatory bodies and of the legal system"
-
See KENNETH W. DAM, THE LAW-GROWTH NEXUS: THE RULE OF LAW AND ECONOMIC DEVELOPMENT 4-5 (2006) (describing the rise of "neoclassical economic policy" as a "second stage of economic development thinking", which challenged and reversed the heavily statist approach of the earlier postwar era and then describing how this "search for new solutions led to an increasing focus on how poorly many developing country governments functioned and especially on widespread inadequacies, even corruption, of public regulatory bodies and of the legal system").
-
(2006)
The Law-Growth Nexus: The Rule of Law and Economic Development
, pp. 4-5
-
-
Dam, K.W.1
-
29
-
-
79959480763
-
-
See, art. IV, §, available at, hereinafter IBRD Articles "The Bank and its officers shall not interfere in the political affairs of any member...."
-
See INT'L BANK FOR RECONSTRUCTION & DEV., ARTICLES OF AGREEMENT art. IV, § 10 (1989), available at http://siteresources.worldbank.org/ EXTABOUTUS/Resources/ibrdarticlesofagreement.pdf [hereinafter IBRD Articles] ("The Bank and its officers shall not interfere in the political affairs of any member....").
-
(1989)
Int'L Bank for Reconstruction & Dev., Articles of Agreement
, pp. 10
-
-
-
30
-
-
79959424529
-
-
See DAM, supra note 16, at 4-5, 22 discussing neoclassical movement's development policy leadership
-
See DAM, supra note 16, at 4-5, 22 (discussing neoclassical movement's development policy leadership).
-
-
-
-
31
-
-
0346247877
-
The world bank and "governance" issues in its borrowing members
-
See, 58 Fransizka Tschofen & Antonio R. Parra eds.
-
See IBRAHIM SHIHATA, The World Bank and "Governance" Issues in Its Borrowing Members, IN THE WORLD BANK IN A CHANGING WORLD: SELECTED ESSAYS 53, 58 (Fransizka Tschofen & Antonio R. Parra eds., 1991);
-
(1991)
World Bank in A Changing World: Selected Essays
, pp. 53
-
-
Shihata, I.1
-
32
-
-
79959458492
-
-
see also infra Part LB
-
see also infra Part LB.
-
-
-
-
33
-
-
79959437524
-
-
See DEZALAY & GARTH, supra note 12, at 164
-
See DEZALAY & GARTH, supra note 12, at 164.
-
-
-
-
34
-
-
36549001825
-
The rule-of-law revival
-
See, in, 3-4, Popular programs focused on the judiciary and on property rights. This was consistent with the idea that an independent and wellfunctioning judiciary was necessary for the effective enforcement of law in general, for the support of stable and predictable legal rules, and for the enforcement of property and contract law in particular
-
See Thomas Carothers, The Rule-of-Law Revival, in PROMOTING THE RULE OF LAW ABROAD: IN SEARCH OF KNOWLEDGE 3, 3-4 (2006). Popular programs focused on the judiciary and on property rights. This was consistent with the idea that an independent and wellfunctioning judiciary was necessary for the effective enforcement of law in general, for the support of stable and predictable legal rules, and for the enforcement of property and contract law in particular.
-
(2006)
Promoting the Rule of Law Abroad: In Search of Knowledge
, pp. 3
-
-
Carothers, T.1
-
35
-
-
79959402850
-
-
See id. at 17, 20. Programs for the improvement of property law through land-titling systems have also been popular
-
See id. at 17, 20. Programs for the improvement of property law through land-titling systems have also been popular.
-
-
-
-
36
-
-
79952713148
-
The legal empowerment alternative
-
See generally, in, supra, at, discussing land-titling systems in Ecuador
-
See generally Stephen Golub, The Legal Empowerment Alternative, in PROMOTING THE RULE OF LAW ABROAD: IN SEARCH OF KNOWLEDGE, supra, at 181 (discussing land-titling systems in Ecuador).
-
Promoting the Rule of Law Abroad: In Search of Knowledge
, pp. 181
-
-
Golub, S.1
-
37
-
-
79959429571
-
-
Part I is influenced by the Kuhnian argument that scientific knowledge arises through key historical moments-"scientific revolutions"-that establish theoretical paradigms
-
Part I is influenced by the Kuhnian argument that scientific knowledge arises through key historical moments-"scientific revolutions"-that establish theoretical paradigms.
-
-
-
-
38
-
-
79959462073
-
-
See infra text accompanying notes 25-27. In adopting a Kuhnian approach, I am influenced by David Scott
-
See infra text accompanying notes 25-27. In adopting a Kuhnian approach, I am influenced by David Scott
-
-
-
-
40
-
-
79959481355
-
-
see, Cornell Law Sch., Research Paper No. 05-034, available at, This approach is consistent with constructivist and discursive analyses, which I have employed in other work
-
see Annelise Riles, Legal Knowledge 1-4 (Cornell Law Sch., Research Paper No. 05-034), available at http://ssrn. com/abstract=851885. This approach is consistent with constructivist and discursive analyses, which I have employed in other work.
-
Legal Knowledge
, pp. 1-4
-
-
Riles, A.1
-
41
-
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79959465092
-
Democratic governance, distributive justice and development 4
-
See, e.g., in, Chi Carmody, Frank Garcia & John Linarelli eds., forthcoming, manuscript at 4 on file with author
-
See, e.g., Chantal Thomas, Democratic Governance, Distributive Justice and Development 4, in DISTRIBUTIVE JUSTICE IN INTERNATIONAL ECONOMIC LAW (Chi Carmody, Frank Garcia & John Linarelli eds., forthcoming 2011) (manuscript at 4) (on file with author).
-
(2011)
Distributive Justice in International Economic Law
-
-
Thomas, C.1
-
42
-
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79959425067
-
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See, e.g., DAN, supra note 16, at 2-6
-
See, e.g., DAN, supra note 16, at 2-6;
-
-
-
-
45
-
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79959424046
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Evaluating systems of justice through public opinion: Why, what, who, how, and what for?
-
21-62 Erik G. Jensen & Thomas C. Heller eds.
-
José Juan Toharia, Evaluating Systems of Justice Through Public Opinion: Why, What, Who, How, and What For?, in BEYOND COMMON KNOWLEDGE: EMPIRICAL APPROACHES TO THE RULE OF LAW 21, 21-62 (Erik G. Jensen & Thomas C. Heller eds., 2003);
-
(2003)
Beyond Common Knowledge: Empirical Approaches to the Rule of Law
, pp. 21
-
-
Toharia, E.J.1
-
46
-
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84926959571
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The "rule of law" in development assistance: Past, present, and future
-
supra note 13, at, 74-94
-
David M. Trubek, The "Rule of Law" in Development Assistance: Past, Present, and Future, in THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL, supra note 13, at 74, 74-94.
-
The New Law and Economic Development: A Critical Appraisal
, pp. 74
-
-
Trubek, D.M.1
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47
-
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79959381746
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-
See infra Part II
-
See infra Part II.
-
-
-
-
49
-
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79959429010
-
-
See id. at 77. Scientific activity within a paradigm assimilates information not in a "neutral" way but in a way that reflects paradigmatic tenets
-
See id. at 77. Scientific activity within a paradigm assimilates information not in a "neutral" way but in a way that reflects paradigmatic tenets.
-
-
-
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50
-
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0041191675
-
-
First, a great deal of internal pressure in the field stemmed from the fact that Keynesian macroeconomics insufficiendy synthesized and incorporated classical economic precepts related to the microeconomic behavior of individuals and firms, describing "intellectual developments within macroeconomics where there was an intensifying search for 'deep structure' and microfoundations for aggregate economic relationships". Second, the "stagflation" economic contractions of the industrialized world during the 1970s meant that Keynesian economics no longer appeared to be working in the real world and that Keynesian models could not explain the most pressing contemporary problems
-
First, a great deal of internal pressure in the field stemmed from the fact that Keynesian macroeconomics insufficiendy synthesized and incorporated classical economic precepts related to the microeconomic behavior of individuals and firms. WILLEM H. BUITER, MACROECONOMIC THEORY AND STABILIZATION POLICY 5 (1989) (describing "intellectual developments within macroeconomics where there was an intensifying search for 'deep structure' and microfoundations for aggregate economic relationships"). Second, the "stagflation" economic contractions of the industrialized world during the 1970s meant that Keynesian economics no longer appeared to be working in the real world and that Keynesian models could not explain the most pressing contemporary problems.
-
(1989)
Macroeconomic Theory and Stabilization Policy
, pp. 5
-
-
Buiter, W.H.1
-
51
-
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84950882651
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Development economics and the world bank's identity crisis
-
See id. In a Keynesian model, increasing money supply should increase real economic output, but in these stagflation economies, monetary inflation was accompanied instead by economic downturns. Externally to the economics academy, economic woes also propelled dissatisfaction with traditional Keynesian policies in public policy circles and the electorate at large. All of these pressures were brought to bear on development economics, causing one of its most illustrious proponents to declare: "Development economics is dead.", 220 quoting Arthur Lewis
-
See id. In a Keynesian model, increasing money supply should increase real economic output, but in these stagflation economies, monetary inflation was accompanied instead by economic downturns. Externally to the economics academy, economic woes also propelled dissatisfaction with traditional Keynesian policies in public policy circles and the electorate at large. All of these pressures were brought to bear on development economics, causing one of its most illustrious proponents to declare: "Development economics is dead." Luiz Carlos Bresser Pereira, Development Economics and the World Bank's Identity Crisis, 2 REV. INT'L POL. ECON. 211, 220 & n. 11 (1995) (quoting Arthur Lewis).
-
(1995)
Rev. Int'L Pol. Econ
, vol.2
, Issue.11
, pp. 211
-
-
Pereira, L.C.B.1
-
52
-
-
78751621490
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A reassessment with implications for law and development
-
See, the Sociology of Legal Reform, 424
-
See Chantal Thomas, Max Weber, Talcolt Parsons and the Sociology of Legal Reform: A Reassessment with Implications for Law and Development, 15 MINN. J. INT'L L. 383, 424 (2006).
-
(2006)
Minn. J. Int'L L.
, vol.15
, pp. 383
-
-
Thomas, C.1
Weber, M.2
Parsons, T.3
-
54
-
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79959484557
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-
see NORTH & THOMAS, supra note 2, at 1
-
see NORTH & THOMAS, supra note 2, at 1.
-
-
-
-
55
-
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79959417969
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Introduction to
-
See, supra note 13, at, 1-3
-
See David M. Trubek & Alvaro Santos, Introduction to THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL, supra note 13, at 1, 1-3.
-
The New Law and Economic Development: A Critical Appraisal
, pp. 1
-
-
Trubek, D.M.1
Santos, A.2
-
56
-
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79959411354
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-
See Thomas, supra note 28, at 383-93
-
See Thomas, supra note 28, at 383-93.
-
-
-
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57
-
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79959417190
-
-
See DAM, supra note 16, at 1-5. Neoclassical law and development practitioners of the latter-twentieth century referenced the Weberian concept of "logically formal rationality."
-
See DAM, supra note 16, at 1-5. Neoclassical law and development practitioners of the latter-twentieth century referenced the Weberian concept of "logically formal rationality."
-
-
-
-
58
-
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79959422925
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-
See SHIHATA, supra note 19, at 53-54, 87 n. 99
-
See SHIHATA, supra note 19, at 53-54, 87 n. 99.
-
-
-
-
59
-
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79959399570
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See SHIHATA, supra note 19, at 53-54, 85-87
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See SHIHATA, supra note 19, at 53-54, 85-87.
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-
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60
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84971845190
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International regimes, transactions, and change: Embedded liberalism in the postwar economic order
-
396-98
-
John Gerard Ruggie, International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order, 36 INT'L ORG. 379, 396-98 (1982).
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(1982)
Int'L Org.
, vol.36
, pp. 379
-
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Ruggie, J.G.1
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61
-
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79959391444
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-
See STIGLITZ, supra note 9, at 92
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See STIGLITZ, supra note 9, at 92.
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-
-
-
62
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79959393151
-
-
See NORTH, supra note 4, at 36 n. 4 "The original contributions were those of Hayek...." citation omitted
-
See NORTH, supra note 4, at 36 n. 4 ("The original contributions were those of Hayek...." (citation omitted));
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-
-
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63
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85011512436
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Law and neoclassical economics: Science, politics, and the reconfiguration of American tort law theeory
-
James R. Hackney, Jr., Law and Neoclassical Economics: Science, Politics, and the Reconfiguration of American Tort Law Theeory, 15 LAW & HIST. REV. 275 (1997).
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(1997)
Law & Hist. Rev.
, vol.15
, pp. 275
-
-
Hackney Jr., J.R.1
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67
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33747778204
-
-
See, asserting that Margaret Thatcher, during her tenure as Prime Minister, asserted that "this. is what we believe" while holding up Hayek's The Constitution of Liberty
-
See JOHN RANELAGH, THATCHER'S PEOPLE: AN INSIDER'S ACCOUNT OF THE POLITICS, THE POWER AND THE PERSONALITIES ix (1992) (asserting that Margaret Thatcher, during her tenure as Prime Minister, asserted that "this... is what we believe" while holding up Hayek's The Constitution of Liberty).
-
(1992)
Thatcher'S People: An Insider'S Account of the Politics, the Power and the Personalities
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Ranelagh, J.1
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68
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Law and economics at Chicago
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R. H. Coase, Law and Economics at Chicago, 36 J. L. & ECON. 239, 246 (1993). (Pubitemid 24757381)
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, pp. 239
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Coase, R.H.1
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69
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79959485667
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Introduction to
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See, Peter G. Klein ed., describing Hayek's literal and intellectual journey from Austria to the faculty of the University of Chicago
-
See Peter G. Klein, Introduction to 4 THE COLLECTED WORKS OF FA. HAYEK 1-5 (Peter G. Klein ed., 1992) (describing Hayek's literal and intellectual journey from Austria to the faculty of the University of Chicago).
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The Collected Works of Fa. Hayek
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, pp. 1-5
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Klein, P.G.1
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70
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Introduction to
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See, 15-20 Philip Mirowski & Dieter Plehwe eds., describing Hayek's role in the establishment of the Mont Pelerin Society and the various roles played therein by Hayek, Friedman, and others
-
See Dieter Plehwe, Introduction to THE ROAD FROM MONT PELERIN: THE MAKING OF THE NEOLIBERAL THOUGHT COLLECTIVE 1, 15-20 (Philip Mirowski & Dieter Plehwe eds., 2009) (describing Hayek's role in the establishment of the Mont Pelerin Society and the various roles played therein by Hayek, Friedman, and others);
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(2009)
The Road From Mont Pelerin: The Making of the Neoliberal Thought Collective
, pp. 1
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Plehwe, D.1
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71
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78649434136
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The influence of neoliberals in chile before, during, and after pinochet
-
see also, in, supra, at, 305-416 focusing on the "historical trajectories of neoliberal knowledge in Chile" as influenced by the Chicago Boys, among others
-
see also Karen Fischer, The Influence of Neoliberals in Chile Before, During, and After Pinochet, in THE ROAD FROM MONT PELERIN: THE MAKING OF THE NEOUBERAL THOUGHT COLLECTIVE, supra, at 305, 305-416 (focusing on the "historical trajectories of neoliberal knowledge in Chile" as influenced by the Chicago Boys, among others).
-
The Road From Mont Pelerin: The Making of the Neouberal Thought Collective
, pp. 305
-
-
Fischer, K.1
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73
-
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0033423217
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The convergence of austrian economics and new institutional economics: Methodological inconsistency and political motivations
-
See, 279-81, ultimately discounting the convergence due to the fidelity of NIE to orthodox neoclassical methods
-
See Giulio Palermo, The Convergence of Austrian Economics and New Institutional Economics: Methodological Inconsistency and Political Motivations, 33 J. ECON. ISSUES 277, 279-81 (1999) (ultimately discounting the convergence due to the fidelity of NIE to orthodox neoclassical methods).
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J. Econ. Issues
, vol.33
, pp. 277
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Palermo, G.1
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74
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79959477147
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HAYEK, supra note 37, at 22-29;
-
HAYEK, supra note 37, at 22-29;
-
-
-
-
76
-
-
79959471294
-
-
HAYEK, supra note 38, at 88-118
-
HAYEK, supra note 38, at 88-118.
-
-
-
-
77
-
-
79959390292
-
-
See EBEUNG, supra note 44, at 43-56
-
See EBEUNG, supra note 44, at 43-56.
-
-
-
-
78
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34547252745
-
Hayek's incomplete victory
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Cf, 111
-
Cf. Francis Fukuyama, Hayek's Incomplete Victory, 28 WILSON Q. 111, 111 (2004)
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(2004)
Wilson Q
, vol.28
, pp. 111
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Fukuyama, F.1
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79
-
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9444222308
-
-
reviewing, "Today,. Hayek... is rightly seen as the intellectual godfather of the promarket revolution that swept the West with Margaret Thatcher and Ronald Reagan. ". Though Hayek constituted an important influence on Chicago School economists, some key theoretical differences distinguish the Hayekian argument against market regulation from that of many neoclassical economists. One neoclassical view depends on the premises that individuals are rational, self-interested actors and that markets are efficient organizers of actor-generated information; by contrast, the Hayekian view emphasizes the open-ended quality of both individual economic decisions and markets as aggregators of those decisions
-
(reviewing BRUCE CALDWELL, HAYEK'S CHALLENGE: AN INTELLECTUAL BIOGRAPHY OF FA. HAYEK (2005)) ("Today,... Hayek... is rightly seen as the intellectual godfather of the promarket revolution that swept the West with Margaret Thatcher and Ronald Reagan. "). Though Hayek constituted an important influence on Chicago School economists, some key theoretical differences distinguish the Hayekian argument against market regulation from that of many neoclassical economists. One neoclassical view depends on the premises that individuals are rational, self-interested actors and that markets are efficient organizers of actor-generated information; by contrast, the Hayekian view emphasizes the open-ended quality of both individual economic decisions and markets as aggregators of those decisions.
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(2005)
Hayek'S Challenge: An Intellectual Biography of Fa. Hayek
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Caldwell, B.1
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80
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0002730233
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Entrepreneurial discovery and the competitive market process: An austrian approach
-
See, 64, Markets, as an aspect of society, work through a process of "spontaneous order" that could never be captured or reproduced by a central planner
-
See Israel M. Kirzner, Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach, 35 J. ECON. LIT. 60, 64 (1997). Markets, as an aspect of society, work through a process of "spontaneous order" that could never be captured or reproduced by a central planner.
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J. Econ. Lit
, vol.35
, pp. 60
-
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Kirzner, I.M.1
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81
-
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79959462856
-
-
See HAYEK, supra note 46, at 2. Though both views conclude that markets are superior to government regulators as organizers of economic activity, the underlying attitude towards knowledge differs fundamentally
-
See HAYEK, supra note 46, at 2. Though both views conclude that markets are superior to government regulators as organizers of economic activity, the underlying attitude towards knowledge differs fundamentally.
-
-
-
-
82
-
-
79959442943
-
-
See HAYEK, supra note 46, at 8-34 criticizing the Cartesian conception of rationality as based on perfect knowledge. In this way, Hayek shares more with the NIE branch of neoclassical theory, which also recognizes the importance of incomplete information in affecting the rationality of individual market actors
-
See HAYEK, supra note 46, at 8-34 (criticizing the Cartesian conception of rationality as based on perfect knowledge). In this way, Hayek shares more with the NIE branch of neoclassical theory, which also recognizes the importance of incomplete information in affecting the rationality of individual market actors.
-
-
-
-
83
-
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21144480771
-
What do we mean by rationality?
-
See, 159-60, "In the world of instrumental rationality institutions are unnecessary. But in the real world the actors have incomplete information and limited mental capacity.... In consequence they develop regularized rules and norms to structure exchange.". North and other NIE scholars distanced themselves from NPE and public choice theory, which they thought carried the same erroneous assumption
-
See Douglass C. North, What Do We Mean by Rationality?, 77 PUB. CHOICE 159, 159-60 (1993) ("In the world of instrumental rationality institutions are unnecessary.... But in the real world the actors have incomplete information and limited mental capacity.... In consequence they develop regularized rules and norms to structure exchange."). North and other NIE scholars distanced themselves from NPE and public choice theory, which they thought carried the same erroneous assumption.
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(1993)
Pub. Choice
, vol.77
, pp. 159
-
-
North, D.C.1
-
84
-
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79959403417
-
-
See id. at 159. This Essay advocates closer attention to the tenet of imperfect information within NIE
-
See id. at 159. This Essay advocates closer attention to the tenet of imperfect information within NIE.
-
-
-
-
85
-
-
79959466083
-
-
See infra Part III
-
See infra Part III.
-
-
-
-
86
-
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79959419129
-
-
See HAYEK, supra note 37, at 2 "A large part of the people of the world borrowed from Western civilization and adopted Western ideals at a time when the West had become unsure of itself and had largely lost faith in the traditions that have made it what it is."
-
See HAYEK, supra note 37, at 2 ("A large part of the people of the world borrowed from Western civilization and adopted Western ideals at a time when the West had become unsure of itself and had largely lost faith in the traditions that have made it what it is.").
-
-
-
-
87
-
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79959416656
-
-
See DEZALAY & GARTH, supra note 12, at 79-80 noting that James Buchanan, a Nobel Prize winner, member of the Chicago School, and founder of public choice theory, "described his position of outsider, hostile to the Keynesian establishment, as the source of his application of neoclassical economics to the analysis of political choices"
-
See DEZALAY & GARTH, supra note 12, at 79-80 (noting that James Buchanan, a Nobel Prize winner, member of the Chicago School, and founder of public choice theory, "described his position of outsider, hostile to the [Keynesian] establishment, as the source of his application of neoclassical economics to the analysis of political choices");
-
-
-
-
88
-
-
79959408313
-
-
infra text accompanying notes 87-92
-
infra text accompanying notes 87-92.
-
-
-
-
89
-
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79959444620
-
-
See DEZALAY & GARTH, supra note 12, at 80-83
-
See DEZALAY & GARTH, supra note 12, at 80-83.
-
-
-
-
90
-
-
79959410787
-
-
See id. at 81 explaining how Friedman published regular opinions in print and broadcast media such as Newsweek, the Wall Street Journal, and a television program called Free to Choose
-
See id. at 81 (explaining how Friedman published regular opinions in print and broadcast media such as Newsweek, the Wall Street Journal, and a television program called Free to Choose).
-
-
-
-
91
-
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0003772810
-
-
See, describing the neoclassical vision of a "government which maintained law and order, defined property rights, served as a means whereby we could modify property rights and other rules of the economic game, and adjudicated disputes about the interpretation of the rules"
-
See MILTON FRIEDMAN, CAPITALISM AND FREEDOM 34 (1962) (describing the neoclassical vision of a "government which maintained law and order, defined property rights, served as a means whereby we could modify property rights and other rules of the economic game, [and] adjudicated disputes about the interpretation of the rules").
-
(1962)
Capitalism and Freedom
, pp. 34
-
-
Friedman, M.1
-
92
-
-
79959478281
-
-
See id. at 37-38 " 'Full employment' and 'economic growth' have in the past few decades become primary excuses for widening the extent of government intervention in economic affairs.... These arguments are thoroughly misleading."
-
See id. at 37-38 (" 'Full employment' and 'economic growth' have in the past few decades become primary excuses for widening the extent of government intervention in economic affairs.... These arguments are thoroughly misleading.").
-
-
-
-
93
-
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79959413673
-
-
See id. at 38
-
See id. at 38.
-
-
-
-
94
-
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79959387774
-
-
See id. at 34-38
-
See id. at 34-38;
-
-
-
-
95
-
-
79959474344
-
-
STIGUTZ, supra note 9, at 53-54
-
STIGUTZ, supra note 9, at 53-54.
-
-
-
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97
-
-
0002071502
-
The problem of social cost
-
R. H. Coase, The Problem of Social Cost, 3 J. L. & ECON. 1 (1960).
-
(1960)
J. L. & Econ
, vol.3
, pp. 1
-
-
Coase, R.H.1
-
98
-
-
79959414194
-
-
Id. at 8
-
Id. at 8.
-
-
-
-
99
-
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79959441604
-
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Id. at 12
-
Id. at 12.
-
-
-
-
100
-
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79959433329
-
-
See id. at 17-18, 44
-
See id. at 17-18, 44.
-
-
-
-
101
-
-
79959391445
-
-
See id. at 30-33. For example, imposing legal liability on a railroad for damage to neighboring farmers' crops might induce farmers to increase crop production. Such increases would adversely affect overall social welfare because the overall number of crop fires would increase and the penalties imposed on the railroad might ultimately cause it to cease operations due to lack of profitability
-
See id. at 30-33. For example, imposing legal liability on a railroad for damage to neighboring farmers' crops might induce farmers to increase crop production. Such increases would adversely affect overall social welfare because the overall number of crop fires would increase and the penalties imposed on the railroad might ultimately cause it to cease operations due to lack of profitability.
-
-
-
-
102
-
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79959457915
-
-
See id. Coase focused on this hypothetical because it was provided by the economist Arthur Pigou
-
See id. Coase focused on this hypothetical because it was provided by the economist Arthur Pigou
-
-
-
-
103
-
-
0003784636
-
-
see, Transaction Publishers, Pigou is credited with the welfare-economics tenet that government intervention is necessary to prevent negative externalities
-
see A. G. PIGOU, THE ECONOMICS OF WELFARE 134 (Transaction Publishers 2002). Pigou is credited with the welfare-economics tenet that government intervention is necessary to prevent negative externalities.
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(2002)
The Economics of Welfare
, pp. 134
-
-
Pigou, A.G.1
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104
-
-
79959478282
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-
See Coase, supra note 59, at 28-39. Alfred Marchal developed the concept of externalities
-
See Coase, supra note 59, at 28-39. Alfred Marchal developed the concept of externalities.
-
-
-
-
105
-
-
84907145829
-
Book review
-
See, 532-35
-
See A. C. Pigou, Book Review, 17 ECON. J. 532, 532-35 (1907)
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(1907)
Econ. J.
, vol.17
, pp. 532
-
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Pigou, A.C.1
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107
-
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79959424048
-
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See Coase, supra note 59, at 1-2, 26-28
-
See Coase, supra note 59, at 1-2, 26-28.
-
-
-
-
108
-
-
79959398361
-
-
See, e.g., 7th ed, referencing Coase in a discussion of the interaction between law and economics
-
See, e.g., RICHARD A. POSNER, ECONOMIC ANALYSIS OF LAW 1-28 (7th ed. 2007) (referencing Coase in a discussion of the interaction between law and economics).
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(2007)
Economic Analysis of Law
, pp. 1-28
-
-
Posner, R.A.1
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109
-
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79959433234
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Keynes and the role of the state in developing countries
-
See, in, Derek Crabtree & A. P. Thirlwall eds.
-
See Anand Chandavarkar, Keynes and the Role of the State in Developing Countries, in KEYNES AND THE ROLE OF THE STATE 136-37 (Derek Crabtree & A. P. Thirlwall eds., 1993).
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(1993)
Keynes and the Role of the State
, pp. 136-137
-
-
Chandavarkar, A.1
-
110
-
-
79959392598
-
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See Coase, supra note 59, at 28-44
-
See Coase, supra note 59, at 28-44.
-
-
-
-
111
-
-
79959397238
-
-
See id
-
See id.
-
-
-
-
112
-
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84927112256
-
The "rule of law, "political choices, and development common sense
-
Cf, in, supra note 13, at, 95-98 & 129 describing how, for "neoliberal development policy,.... the lead passed from macroeconomics to microeconomics" so that "an economy was no longer imagined primarily as an input-output production cycle open to macroeconomic strategies" but "as a 'market'"
-
Cf. David Kennedy, The "Rule of Law, "Political Choices, and Development Common Sense, in THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL, supra note 13, at 95, 95-98 & 129 (describing how, for "neoliberal development policy[,].... [t]he lead passed from macroeconomics to microeconomics" so that "[a]n economy was no longer imagined primarily as an input-output production cycle open to macroeconomic strategies" but "as a 'market'").
-
The New Law and Economic Development: A Critical Appraisal
, pp. 95
-
-
Kennedy, D.1
-
113
-
-
79959401230
-
-
See Coase, supra note 59, at 28-44
-
See Coase, supra note 59, at 28-44.
-
-
-
-
114
-
-
0000409508
-
The new institutional economics: Taking stock, looking ahead
-
See, e.g., 599, citing Coase, supra note 59, for the key NIE proposition that "easy" or "costless" enforcement of property rights should not be assumed in economic calculations
-
See, e.g., Oliver E. Williamson, The New Institutional Economics: Taking Stock, Looking Ahead, 38 J. ECON. LIT. 595, 599 (2000) (citing Coase, supra note 59, for the key NIE proposition that "easy" or "costless" enforcement of property rights should not be assumed in economic calculations).
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(2000)
J. Econ. Lit
, vol.38
, pp. 595
-
-
Williamson, O.E.1
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115
-
-
0141757628
-
'Rent-seeking', new political economy and negation of politics
-
See, e.g., 1730, noting critically that the "proponents of the new political economy have tried to upset... the agenda of the state with the so-called Coase theorem"
-
See, e.g., Amiya Kumar Bagchi, 'Rent-Seeking', New Political Economy and Negation of Politics, 28 ECON. & POL. WKLY. 1729, 1730 (1993) (noting critically that the "proponents of the new political economy have tried to upset... the agenda of the state with the so-called Coase theorem").
-
(1993)
Econ. & Pol. Wkly
, vol.28
, pp. 1729
-
-
Bagchi, A.K.1
-
116
-
-
79959407192
-
-
See supra text accompanying notes 2-3
-
See supra text accompanying notes 2-3;
-
-
-
-
117
-
-
79959420287
-
-
infra text accompanying notes 93-100
-
infra text accompanying notes 93-100;
-
-
-
-
119
-
-
79959426802
-
-
See infra text accompanying notes 102-14
-
See infra text accompanying notes 102-14.
-
-
-
-
120
-
-
79959430427
-
-
See North, supra note 1, at 121. North's 1990 book, Institutions, Institutional Change and Economic Performance, was part of a series that he created on NPE, further evidencing his belief in the intellectual link
-
See North, supra note 1, at 121. North's 1990 book, Institutions, Institutional Change and Economic Performance, was part of a series that he created on NPE, further evidencing his belief in the intellectual link.
-
-
-
-
121
-
-
79959433907
-
-
See NORTH, supra note 3, at 3-10
-
See NORTH, supra note 3, at 3-10.
-
-
-
-
122
-
-
79959428433
-
-
See infra text accompanying notes 138-39
-
See infra text accompanying notes 138-39.
-
-
-
-
123
-
-
79959404507
-
-
See infra Part LB; Appendix
-
See infra Part LB; Appendix.
-
-
-
-
124
-
-
33746159124
-
Why economics will change
-
5, Int'l Soc'y for New Institutional Econ., St. Louis, Mo., Summer, at
-
Ronald Coase, Why Economics Will Change, ISNIE NEWSL. (Int'l Soc'y for New Institutional Econ., St. Louis, Mo.), Summer 2002, at 1, 5.
-
(2002)
Isnie Newsl
, pp. 1
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Coase, R.1
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125
-
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84979188687
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The nature of the firm
-
See, 390-94, In a completely efficient economic environment, where pricing is always accurate and transacting is costless, market actors have no incentive to establish firms rather than meeting their needs on the "open market."
-
See R. H. Coase, The Nature of the Firm, 4 ECONOMICA 386, 390-94 (1937). In a completely efficient economic environment, where pricing is always accurate and transacting is costless, market actors have no incentive to establish firms rather than meeting their needs on the "open market."
-
(1937)
Economica
, vol.4
, pp. 386
-
-
Coase, R.H.1
-
126
-
-
79959469759
-
-
See id. Consequently, firms must exist because "mere is a cost of using the price mechanism" of the open market
-
See id. Consequently, firms must exist because "mere is a cost of using the price mechanism" of the open market.
-
-
-
-
127
-
-
79959417195
-
-
Id. at 390
-
Id. at 390.
-
-
-
-
128
-
-
79959424047
-
-
See id. at 386-87, 403-05
-
See id. at 386-87, 403-05;
-
-
-
-
129
-
-
0242278700
-
The new institutional economics
-
72, "It is commonly said, and it may be true, that the new institutional economics started with my article, 'The Nature of the Firm' 1937 with its explicit introduction of transaction costs into economic analysis."
-
Ronald Coase, The New Institutional Economics, 88 AM. ECON. REV. 72, 72 (1998) ("It is commonly said, and it may be true, that the new institutional economics started with my article, 'The Nature of the Firm' (1937) with its explicit introduction of transaction costs into economic analysis.");
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(1998)
Am. Econ. Rev.
, vol.88
, pp. 72
-
-
Coase, R.1
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130
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79959406019
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Coase, supra note 59, 1-2, 42-44
-
Coase, supra note 59, 1-2, 42-44.
-
-
-
-
131
-
-
79959450036
-
-
See NORTH & THOMAS, supra note 2
-
See NORTH & THOMAS, supra note 2.
-
-
-
-
132
-
-
21844503488
-
Douglass C. North's new institutionalism
-
See, 453-56
-
See William M. Dugger, Douglass C. North's New Institutionalism, 29 J. ECON. ISSUES 453, 453-56 (1995);
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(1995)
J. Econ. Issues
, vol.29
, pp. 453
-
-
Dugger, W.M.1
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133
-
-
79959458493
-
-
see also TODARO & SMITH, supra note 73 "The basic message of the new institutionalism is mat even in a neoclassical world, the success or failure of development efforts will depend on the nature, existence, and proper functioning of a country's fundamental institutions."
-
see also TODARO & SMITH, supra note 73 ("The basic message of the new institutionalism is mat even in a neoclassical world, the success or failure of development efforts will depend on the nature, existence, and proper functioning of a country's fundamental institutions.").
-
-
-
-
134
-
-
79959459098
-
-
NORTH, supra note 3, at 16
-
NORTH, supra note 3, at 16.
-
-
-
-
135
-
-
79959463954
-
-
Id
-
Id.
-
-
-
-
136
-
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79959445211
-
-
Id. "Institutions are not necessarily or even usually created to be socially efficient; rather they, or at least the formal rules, are created to serve the interests of those with the bargaining power to devise new rules. In a zero-transaction-cost world, bargaining strength does not affect the efficiency of outcomes, but in a world of positive transaction costs it does and given the lumpy indivisibilities that characterize institutions, it shapes the direction of long-run economic change." emphasis omitted
-
Id. ("Institutions are not necessarily or even usually created to be socially efficient; rather they, or at least the formal rules, are created to serve the interests of those with the bargaining power to devise new rules. In a zero-transaction-cost world, bargaining strength does not affect the efficiency of outcomes, but in a world of positive transaction costs it does and given the lumpy indivisibilities that characterize institutions, it shapes the direction of long-run economic change." (emphasis omitted)).
-
-
-
-
137
-
-
79959467557
-
-
See id. at 112 "Path dependence is the key to an analytical understanding of longrun economic change."
-
See id. at 112 ("Path dependence is the key to an analytical understanding of longrun economic change.").
-
-
-
-
138
-
-
79959465543
-
-
See infra note 325 and accompanying text
-
See infra note 325 and accompanying text
-
-
-
-
140
-
-
79959455985
-
-
See NORTH & THOMAS, supra note 2, at 159. North also cited it as an early example of interest analysis in institutional contexts
-
See NORTH & THOMAS, supra note 2, at 159. North also cited it as an early example of interest analysis in institutional contexts.
-
-
-
-
141
-
-
79959459788
-
-
See NORTH, supra note 3, at 50
-
See NORTH, supra note 3, at 50.
-
-
-
-
142
-
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79959471824
-
-
See TODARO & SMITH, supra note 73, at 121 "Public-choice theory assumes that politicians, bureaucrats, citizens, and states act solely from a self-interested perspective, using their power and the authority of government for their own selfish ends."
-
See TODARO & SMITH, supra note 73, at 121 ("[P]ublic-choice theory assumes that politicians, bureaucrats, citizens, and states act solely from a self-interested perspective, using their power and the authority of government for their own selfish ends.").
-
-
-
-
143
-
-
0003677921
-
-
See, e.g., For a discussion of the impact of public choice theory and rent-seeking analysis on development policy
-
See, e.g., JAMES M. BUCHANAN ET AL., TOWARD A THEORY OF THE RENT-SEEKING SOCIETY (1980). For a discussion of the impact of public choice theory and rent-seeking analysis on development policy
-
(1980)
Toward A Theory of the Rent-Seeking Society
-
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Buchanan, J.M.1
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144
-
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79959457345
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see RITTICH, supra note 58, at 115-25
-
see RITTICH, supra note 58, at 115-25.
-
-
-
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145
-
-
79959403948
-
-
See NORTH & THOMAS, supra note 2, at 5 noting that "the costs of creating or enforcing property rights may exceed the benefits to any group or individual" and that "technique sic may be lacking to counteract the free-rider and/or to compel third parties to bear their share of the costs of a transaction"
-
See NORTH & THOMAS, supra note 2, at 5 (noting that "[t]he costs of creating or enforcing property rights may exceed the benefits to any group or individual" and that "[t]echnique [sic] may be lacking to counteract the free-rider and/or to compel third parties to bear their share of the costs of a transaction").
-
-
-
-
147
-
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79959430983
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POSNER, supra note 65, at 36 n. 4
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POSNER, supra note 65, at 36 n. 4.
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148
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79959424530
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See North, supra note 1
-
See North, supra note 1.
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149
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79959449440
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NORTH, supra note 4, at 20-23
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NORTH, supra note 4, at 20-23.
-
-
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150
-
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79959381747
-
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See NORTH & THOMAS, supra note 2
-
See NORTH & THOMAS, supra note 2.
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-
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151
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79959439950
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See id
-
See id.
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152
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79959382869
-
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See id. at 5 "If exclusiveness and the enforcement of accompanying property rights could be freely assured-that is, in the absence of transaction costs-the achievement of growth would be simple indeed.... Property rights however are always embedded in the institutional structure of a society, and the creation of new property rights demands new institutional arrangements to define and specify the way by which economic units can cooperate and compete."
-
See id. at 5 ("If exclusiveness and the enforcement of accompanying property rights could be freely assured-that is, in the absence of transaction costs-the achievement of growth would be simple indeed.... Property rights [however] are always embedded in the institutional structure of a society, and the creation of new property rights demands new institutional arrangements to define and specify the way by which economic units can cooperate and compete.").
-
-
-
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153
-
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79959448872
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See supra notes 28-35 and accompanying text
-
See supra notes 28-35 and accompanying text.
-
-
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154
-
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79959414952
-
-
See NORTH & THOMAS, supra note 2, at 8 "Economic growth will occur if property rights make it worthwhile to undertake socially productive activity."
-
See NORTH & THOMAS, supra note 2, at 8 ("[E]conomic growth will occur if property rights make it worthwhile to undertake socially productive activity.").
-
-
-
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155
-
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79959395382
-
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See id. at 7
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See id. at 7.
-
-
-
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157
-
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79959485158
-
-
See generally RITTICH, supra note 58, at 115-25 discussing the origins and influence of public choice theory
-
See generally RITTICH, supra note 58, at 115-25 (discussing the origins and influence of public choice theory);
-
-
-
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158
-
-
79959438056
-
-
TODARO & SMITH, supra note 73, at 121 describing public choice theory as synonymous with the "new political economy approach"
-
TODARO & SMITH, supra note 73, at 121 (describing public choice theory as synonymous with the "new political economy approach").
-
-
-
-
159
-
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79959447896
-
-
See BUCHANAN & TULLOCK, supra note 90
-
See BUCHANAN & TULLOCK, supra note 90;
-
-
-
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160
-
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79959430139
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BUCHANAN ET AL., supra note 92
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BUCHANAN ET AL., supra note 92;
-
-
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162
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79959463412
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See OLSON, supra note 105, at 10
-
See OLSON, supra note 105, at 10.
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-
-
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163
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79959418546
-
-
See, Edwin Carman ed., Random House, Inc, 1776 discussing the importance of trade in generating national wealth. For an example of this rationale
-
See ADAM SMITH, THE WEALTH OF NATIONS passim (Edwin Carman ed., Random House, Inc. 1937) (1776) (discussing the importance of trade in generating national wealth). For an example of this rationale
-
(1937)
The Wealth of Nations Passim
-
-
Smith, A.1
-
164
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0001802590
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Economic reform and the process of global integration
-
see, 3, "The power of trade to promote economic convergence is perhaps the most venerable tenet of classical and neoclassical economics, dating back to Adam Smith. As Smith's followers have stressed for generations, trade promotes growth through a myriad of channels: increased specialization, efficient resource allocation according to comparative advantage, diffusion of international knowledge through trade, and heightened domestic competition as a result of international competition".
-
see Jeffrey D. Sachs & Andrew Warner, Economic Reform and the Process of Global Integration, 1 BROOKINGS PAPERS ON ECON. ACTIVITY 3, 3 (1995) ("The power of trade to promote economic convergence is perhaps the most venerable tenet of classical and neoclassical economics, dating back to Adam Smith. As Smith's followers have stressed for generations, trade promotes growth through a myriad [of] channels: increased specialization, efficient resource allocation according to comparative advantage, diffusion of international knowledge through trade, and heightened domestic competition as a result of international competition. ").
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(1995)
Brookings Papers on Econ. Activity
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Sachs, J.D.1
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165
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See TODARO & SMITH, supra note 73, at 120 naming Bhagwati and Krueger among other economists such as Lord Peter Bauer, Harry Johnson, Deepak La, and Bela Belassa
-
See TODARO & SMITH, supra note 73, at 120 (naming Bhagwati and Krueger among other economists such as Lord Peter Bauer, Harry Johnson, Deepak La, and Bela Belassa).
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166
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The political economy of the rent-seeking society
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See, 291, 302-03
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See Anne O. Krueger, The Political Economy of the Rent-Seeking Society, 64 AM. ECON. REV. 291, 291, 302-03 (1974).
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988-1001
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Jagdish N. Bhagwati, Directly Unproductive Profit-Seeking (DUP) Activities, 90 J. POL. ECON. 988, 988-1001 (1982).
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84936038710
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See, e.g.
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See, e.g., ELHANAN HELPMAN & PAUL R. KRUGMAN, MARKET STRUCTURE AND FOREIGN TRADE: INCREASING RETURNS, IMPERFECT COMPETITION, AND THE INTERNATIONAL ECONOMY (1985).
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Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy
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Helpman, E.1
Krugman, P.R.2
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171
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Government failures in development
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See, e.g., 20-21, Bhagwati has continued to be a staunch defender of trade openness
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See, e.g., Anne O. Krueger, Government Failures in Development, 4 J. ECON. PERSP. 9, 20-21 (1990). Bhagwati has continued to be a staunch defender of trade openness.
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Krueger, A.O.1
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173
-
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79959426238
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See supra notes 109-11, 113 and accompanying text describing the works of Krueger and Bhagwati, which focus on criticizing trade protectionism. The neoclassical support for trade openness rested on many pillars, only one of which was rent-seeking analysis
-
See supra notes 109-11, 113 and accompanying text (describing the works of Krueger and Bhagwati, which focus on criticizing trade protectionism). The neoclassical support for trade openness rested on many pillars, only one of which was rent-seeking analysis.
-
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174
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79959484556
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See, e.g., TODARO & SMITH, supra note 73, at 120-21 dividing neoclassical approaches into "free-market analysis", which argues that "markets alone are efficient", the "new political economy approach", which "goes even further to argue that governments can do nothing right", and the "market-friendly approach", which describes more more "recent variants" that acknowledge some role for government regulation. The analysis in the text is somewhat stylized for heuristic purposes, streamlining a broad range of overlapping contributions in theory and policy
-
See, e.g., TODARO & SMITH, supra note 73, at 120-21 (dividing neoclassical approaches into "free-market analysis", which argues that "markets alone are efficient", the "new political economy approach", which "goes even further to argue that governments can do nothing right", and the "market-friendly approach", which describes more more "recent variant[s]" that acknowledge some role for government regulation). The analysis in the text is somewhat stylized for heuristic purposes, streamlining a broad range of overlapping contributions in theory and policy.
-
-
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175
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79959464528
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Sachs & Warner, supra note 105, at 2
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Sachs & Warner, supra note 105, at 2.
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178
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79959421301
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Id. at 6
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Id. at 6.
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179
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79959417191
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Id
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Id.
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180
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79959435034
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See id. at 109-11, 155-57
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See id. at 109-11, 155-57.
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181
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79959401792
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Id. at 156
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Id. at 156.
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182
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79959384135
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Id. at 24
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Id. at 24.
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183
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79959413107
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Id. at 109. The bulk of these "success stories" have occurred in Asia
-
Id. at 109. The bulk of these "success stories" have occurred in Asia.
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187
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79959430424
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See id. at 3-4
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See id. at 3-4.
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188
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79959409158
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See id
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See id.
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189
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79959456777
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See id. at 41-42. For more discussion of moderate institutionalist perspectives
-
See id. at 41-42. For more discussion of moderate institutionalist perspectives
-
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-
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190
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79959481352
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see CYPHER & DIETZ, supra note 101, at 180-85 discussing the institutionalism of Clarence Ayres and Gunnar Myrdal
-
see CYPHER & DIETZ, supra note 101, at 180-85 (discussing the institutionalism of Clarence Ayres and Gunnar Myrdal);
-
-
-
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191
-
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79959466084
-
-
RRTTICH, supra note 58, at 143-51 discussing the institutional economics of Warren Samuels, Nicholas Mercuro, and Steven Medema
-
RRTTICH, supra note 58, at 143-51 (discussing the institutional economics of Warren Samuels, Nicholas Mercuro, and Steven Medema).
-
-
-
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192
-
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79959383900
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DEZALAY & GARTH, supra note 12, at 167-68
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DEZALAY & GARTH, supra note 12, at 167-68.
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193
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79959398916
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id. at 169
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id. at 169.
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194
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79959478819
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See id
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See id.
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195
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18544370958
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Americans awarded nobel for economics
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See, Oct. 11, at
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See Louis Uchitelle, 3 Americans Awarded Nobel for Economics, N. Y. TIMES, Oct. 11, 2001, at C1.
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(2001)
N. Y. Times
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Uchitelle, L.1
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196
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79959438629
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See, e.g., STIGLITZ, supra note 9
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See, e.g., STIGLITZ, supra note 9.
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197
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79959451310
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See Kennedy, supra note 69, at 150
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See Kennedy, supra note 69, at 150.
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198
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83155174673
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See, Oct. 15, at
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See Sylvia Nasar, Indian Wins Nobel Award in Economics, N. Y. TIMES, Oct. 15, 1998, at C1.
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(1998)
N. Y. Times
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Nasar, S.1
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200
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79959409160
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See id. at 35-40
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See id. at 35-40.
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201
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79959479895
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See id. at 87-96
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See id. at 87-96.
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202
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79959434467
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See id. at 54-72
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See id. at 54-72.
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203
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79959381182
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See id. at 282-91
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See id. at 282-91.
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204
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79959394272
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See supra Part I. A
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See supra Part I. A.
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205
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79959420286
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See supra Part I. A
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See supra Part I. A
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206
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79959436194
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See Trubek & Santos, supra note 30, at 1-3
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See Trubek & Santos, supra note 30, at 1-3;
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207
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79959441050
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David M. Trubek, supra note 23, at 74
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David M. Trubek, supra note 23, at 74.
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208
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79959457916
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See Rittich, supra note 13, at 252
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See Rittich, supra note 13, at 252;
-
-
-
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209
-
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79959447348
-
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Trubek & Santos, supra note 30, at 3. Some analysts see the more recent approaches of the World Bank as simply "variants" of neoclassicism
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Trubek & Santos, supra note 30, at 3. Some analysts see the more recent approaches of the World Bank as simply "variants" of neoclassicism.
-
-
-
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210
-
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79959384137
-
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See TODARO & SMITH, supra note 73, at 121 describing a shift in the World Bank from strict free-market and public-choice approaches towards a view that "governments do have a key role to play in facilitating the operation of markets through. investing in physical and social infrastructure, health care facilities, and educational institutions"
-
See TODARO & SMITH, supra note 73, at 121 (describing a shift in the World Bank from strict free-market and public-choice approaches towards a view that "governments do have a key role to play in facilitating the operation of markets through... investing in physical and social infrastructure, health care facilities, and educational institutions");
-
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211
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77951226547
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The new development economics
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2 Jomo K. S. & Ben Fine eds., "The newer development economics, in the form of the post-Washington Consensus, looks much more like the Washington Consensus than the old development economics that the Washington Consensus sought to displace."
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Ben Fine, The New Development Economics, in THE NEW DEVELOPMENT ECONOMICS: AFTER THE WASHINGTON CONSENSUS 1, 2 (Jomo K. S. & Ben Fine eds., 2006) ("[T]he newer development economics, in the form of the post-Washington Consensus, looks much more like the Washington Consensus than the old development economics that the Washington Consensus sought to displace.").
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See id.
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214
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79959387776
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Coase, supra note 59, at 8 "The ultimate result which maximizes the value of production is independent. if the pricing system is assumed to work without cost."
-
Coase, supra note 59, at 8 ("[T]he ultimate result (which maximizes the value of production) is independent... if the pricing system is assumed to work without cost.").
-
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215
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79959469758
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See Coase, supra note 79, at 390-98
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Id
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218
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219
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Id. at 5
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Id. at 5.
-
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220
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79959483456
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For a notable elucidation of the relationship between Coase's The Problem of Social Cost and The Nature of the Firm
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For a notable elucidation of the relationship between Coase's The Problem of Social Cost and The Nature of the Firm
-
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221
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78049298180
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222
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79959455987
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See supra text accompanying notes 51-57;
-
-
-
-
223
-
-
79959442945
-
-
see also TODARO & SMITH, supra note 73, at 123 "The neoclassical counterrevolution of the 1980s had its origin in an economicscum-ideological view of the developing world and its problems."
-
see also TODARO & SMITH, supra note 73, at 123 ("[T]he neoclassical counterrevolution of the 1980s had its origin in an economicscum-ideological view of the developing world and its problems.");
-
-
-
-
224
-
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79959455439
-
-
Pereira, supra note 27, at 218-19 describing a process whereby the "Keynesian consensus broke down" and opened the way for "the rise of a New Right intellectually well equipped for fighting the state"
-
Pereira, supra note 27, at 218-19 (describing a process whereby the "Keynesian consensus broke down" and opened the way for "the rise of a New Right intellectually well equipped for fighting the state").
-
-
-
-
225
-
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75749111241
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Kicking away the logic: Free trade is neither the question nor the answer for development
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See, in, supra note 141, at, 46 "Since the 1980s, neoliberal belief in free trade has come to be the orthodoxy in international economics. This orthodoxy has been translated into policy advice, particularly for developing countries, for which trade liberalization has become a major policy objective."
-
See Sonali Deraniyagala & Ben Fine, Kicking Away the Logic: Free Trade Is Neither the Question Nor the Answer for Development, in THE NEW DEVELOPMENT ECONOMICS: AFTER THE WASHINGTON CONSENSUS, supra note 141, at 46, 46 ("Since the 1980s, neoliberal belief in free trade has come to be the orthodoxy in international economics. This orthodoxy has been translated into policy advice, particularly for developing countries, for which trade liberalization has become a major policy objective.");
-
The New Development Economics: After the Washington Consensus
, pp. 46
-
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Deraniyagala, S.1
Fine, B.2
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226
-
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79959388327
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TODARO & SMITH, supra note 73, at 122 explaining how traditional neoclassical growth theory was applied to criticize statist economic policies whose "heavy-handedness. retard s growth in the economies of the developing world"
-
TODARO & SMITH, supra note 73, at 122 (explaining how traditional neoclassical growth theory was applied to criticize statist economic policies whose "heavy-handedness... retard [s] growth in the economies of the developing world").
-
-
-
-
227
-
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79959418551
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See text accompanying notes 28-77
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See text accompanying notes 28-77;
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228
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79959417194
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see also TODARO & SMITH, supra note 73, at 121
-
see also TODARO & SMITH, supra note 73, at 121;
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229
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4243640554
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Neoliberalism, the world bank, and the new politics of development
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163 Uma Kothari & Martin Minogue eds., describing how "the neoliberal revolution has thrown the... components of postwar political economy... into reverse"
-
Paul Cammack, Neoliberalism, the World Bank, and the New Politics of Development, in DEVELOPMENT THEORY AND PRACTICE: CRITICAL PERSPECTIVES 157, 163 (Uma Kothari & Martin Minogue eds., 2002) (describing how "the neoliberal revolution has thrown the... components of postwar political economy... into reverse");
-
(2002)
Development Theory and Practice: Critical Perspectives
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-
-
Cammack, P.1
-
230
-
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79959450033
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Ben Fine, supra note 141, at 4-5 "Prior to the emergence of neoliberalism in the 1980s, development was understood primarily in terms of modernization. Moreover, the influence of Keynesianism... suggested that the state should be significant as an economic agent as part of and in achieving modernization.... But this was to change, and dramatically, with the rise of neoliberalism.... The neoliberal shift against state economic intervention of any sort was then carried over to development...."
-
Ben Fine, supra note 141, at 4-5 ("[P]rior to the emergence of neoliberalism in the 1980s, development was understood primarily in terms of modernization.... Moreover, the influence of Keynesianism... suggested that the state should be significant as an economic agent as part of and in achieving modernization.... But this was to change, and dramatically, with the rise of neoliberalism.... The neoliberal shift against state economic intervention of any sort was then carried over to development....").
-
-
-
-
231
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79959416655
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See infra text accompanying notes 155-60
-
See infra text accompanying notes 155-60;
-
-
-
-
232
-
-
79959481791
-
-
see also TODARO & SMITH, supra note 73, at 119-20 "In the 1980s, the political ascendancy of conservative governments in the United States, Canada, Britain and West Germany came with a neoclassical counterrevolution in economic theory and policy. Neoclassicists obtained controlling votes on the boards of the world's two most powerful international financial agencies-the World Bank and the International Monetary Fund.... It was inevitable that the neoconservative, free-market challenge... would gather momentum.". Michael Todaro and Steven Smith identify dependency theory, rather than modernization theory, as an organizing influence for shaping development economics prior to the "neoclassical counterrevolution".
-
see also TODARO & SMITH, supra note 73, at 119-20 ("In the 1980s, the political ascendancy of conservative governments in the United States, Canada, Britain and [West] Germany came with a neoclassical counterrevolution in economic theory and policy.... Neoclassicists obtained controlling votes on the boards of the world's two most powerful international financial agencies-the World Bank and the International Monetary Fund.... [I]t was inevitable that the neoconservative, free-market challenge... would gather momentum."). Michael Todaro and Steven Smith identify dependency theory, rather than modernization theory, as an organizing influence for shaping development economics prior to the "neoclassical counterrevolution".
-
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233
-
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79959429572
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See TODARO & SMITH, supra note 73, at 119-20
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See TODARO & SMITH, supra note 73, at 119-20.
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234
-
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79959467556
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See CYPHER & DIETZ, supra note 101, at 216
-
See CYPHER & DIETZ, supra note 101, at 216.
-
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235
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79959417789
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See STIGUTZ, supra note 9, at 13-14 "The most dramatic change in the IMF and the World Bank occurred in the 1980s, the era when Ronald Reagan and Margaret Thatcher preached free market ideology. The IMF and the World Bank became the new missionary institutions, through which these ideas were pushed on the reluctant poor countries that often badly needed their loans and grants.... In the early 1980s, a purge occurred inside the World Bank.... With the changing of the guard came... a new chief economist, Anne Krueger, an international trade specialist, best known for her work on 'rent seeking'.... Krueger saw government as the problem."
-
See STIGUTZ, supra note 9, at 13-14 ("The most dramatic change in [the IMF and the World Bank] occurred in the 1980s, the era when Ronald Reagan and Margaret Thatcher preached free market ideology.... The IMF and the World Bank became the new missionary institutions, through which these ideas were pushed on the reluctant poor countries that often badly needed their loans and grants.... In the early 1980s, a purge occurred inside the World Bank.... [W]ith the changing of the guard came... a new chief economist, Ann[e] Krueger, an international trade specialist, best known for her work on 'rent seeking'.... Krueger saw government as the problem.");
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236
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Research, knowledge, and the art of 'paradigm maintenance': The world bank's development economics vice-presidency (DEC)
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393, noting that Krueger's appointment signaled a "key reorganization", which generated a "pronounced 'shift toward macroeconomic and trade issues'" citations omitted
-
Robin Broad, Research, Knowledge, and the Art of 'Paradigm Maintenance': The World Bank's Development Economics Vice-Presidency (DEC), 13 REV. INT'L POL. ECON. 387, 393 (2006) (noting that Krueger's appointment signaled a "key reorganization", which generated a "pronounced 'shift toward macroeconomic and trade issues'" (citations omitted));
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Rev. Int'L Pol. Econ
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, pp. 387
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Broad, R.1
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237
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79959395938
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Pereira, supra note 27, at 223 "Anne Krueger should probably be particularly credited for the turn to neoliberalism at the Bank, where her intellectual influence was decisive.". For other discussions of Krueger's influence on development economics
-
Pereira, supra note 27, at 223 ("Anne Krueger should probably be particularly credited for [the turn to neoliberalism] at the Bank, where her intellectual influence was decisive."). For other discussions of Krueger's influence on development economics
-
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238
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0012063157
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Outward-orientation and development: Are revisionists right?
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see, for example, in, 3 Deepak Lal & Richard H. Snape eds., "Anne Krueger has been an influential thinker, researcher and policy adviser on economic development and its relations hip with openness to international trade, investment and technology flows."
-
see, for example, T. N. Srinivasan & Jagdish Bhagwati, Outward-Orientation and Development: Are Revisionists Right?, in TRADE, DEVELOPMENT AND POLITICAL ECONOMY: ESSAYS IN HONOUR OF ANNE O. KRUEGER 3, 3 (Deepak Lal & Richard H. Snape eds., 2001) ("Anne Krueger has been an influential thinker, researcher and policy adviser on economic development and its relations hip with openness to international trade, investment and technology flows.").
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(2001)
Trade, Development and Political Economy: Essays in Honour of Anne O. Krueger
, pp. 3
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Srinivasan, T.N.1
Bhagwati, J.2
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239
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79959398913
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See Broad, supra note 156, at 391
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See Broad, supra note 156, at 391.
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240
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0012828207
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Does the "good governance policy" of the international financial institutions privilege markets at the expense of democracy?
-
See, 553
-
See Chantal Thomas, Does the "Good Governance Policy" of the International Financial Institutions Privilege Markets at the Expense of Democracy?, 14 CONN. J. INT'L L. 551, 553 n. 13 (1999).
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Conn. J. Int'L L.
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, Issue.13
, pp. 551
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Thomas, C.1
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241
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79959468638
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See SHIHATA, supra note 19, at 58. The World Bank contains numerous subunits, each with distinctive twists and perspectives on policy. For a discussion of variation among World Bank sub-units
-
See SHIHATA, supra note 19, at 58. The World Bank contains numerous subunits, each with distinctive twists and perspectives on policy. For a discussion of variation among World Bank sub-units
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242
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84926984385
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The world bank's uses of the "rule of law" promise in economic development
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see, in, supra note 13, at, 253-300. The World Bank's adoption of structural adjustment lending occurred under the leadership of the Bank by Robert McNamara
-
see Alvaro Santos, The World Bank's Uses of the "Rule of Law" Promise in Economic Development, in THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL, supra note 13, at 253, 253-300. The World Bank's adoption of structural adjustment lending occurred under the leadership of the Bank by Robert McNamara.
-
The New Law and Economic Development: A Critical Appraisal
, pp. 253
-
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Santos, A.1
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243
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79959485159
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See Broad, supra note 156, at 391
-
See Broad, supra note 156, at 391.
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244
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79959453826
-
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See SHIHATA, supra note 19, at 58 describing how structural adjustment lending was introduced in 1980 and "expanded and deepened" over the course of the 1980s
-
See SHIHATA, supra note 19, at 58 (describing how structural adjustment lending was introduced in 1980 and "expanded and deepened" over the course of the 1980s);
-
-
-
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245
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79959386287
-
Structural adjustment
-
see also, in, 598 David Alexander Clark ed., "A series of events rapidly put structural adjustment policies at the centre of the new World Bank agenda including... the elections of the conservatives Margaret Thatcher May 1979 and Ronald Reagan November 1980... and the appointment of the ultraconservative and dogmatic neoliberal Anne Krueger in 1982 as chief economist who systematically replaced most of the development research department with economists holding views similar to her own. " citations omitted
-
see also Howard Stein, Structural Adjustment, in THE ELGAR COMPANION TO DEVELOPMENT STUDIES 596, 598 (David Alexander Clark ed., 2007) ("A series of events rapidly put structural adjustment policies at the centre of the new World Bank agenda including... the elections of the conservatives Margaret Thatcher (May 1979) and Ronald Reagan (November 1980)... and the appointment of the ultraconservative and dogmatic neoliberal Anne Krueger (in 1982) as chief economist who systematically replaced most of the development research department with economists holding views similar to her own. " (citations omitted)).
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(2007)
The Elgar Companion to Development Studies
, pp. 596
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Stein, H.1
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246
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79959410786
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Thomas, supra note 158
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Thomas, supra note 158.
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247
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33644787552
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Neoliberalism, structural adjustment and poverty reduction strategies
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See, in, 86-91 Vandana Desai & Robert B. Potter eds., 2d ed
-
See David Simon, Neoliberalism, Structural Adjustment and Poverty Reduction Strategies, in THE COMPANION TO DEVELOPMENT STUDIES 86, 86-91 (Vandana Desai & Robert B. Potter eds., 2d ed. 2008);
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(2008)
The Companion to Development Studies
, pp. 86
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-
Simon, D.1
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248
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79959460363
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Structural adjustment program and public fiscal policy in India, 1990-1995
-
see also, in, 156 Dipak Basu ed., describing India's adoption of a structural adjustment program that required liberalization of import policies. The causes of economic reform are often multifaceted and stem from internal shifts in policy as well as from the external pressure of international financial institutions
-
see also Dipak R. Basu, Structural Adjustment Program and Public Fiscal Policy in India, 1990-1995, in ADVANCES IN DEVELOPMENT ECONOMICS 155, 156 (Dipak Basu ed., 2009) (describing India's adoption of a structural adjustment program that required liberalization of import policies). The causes of economic reform are often multifaceted and stem from internal shifts in policy as well as from the external pressure of international financial institutions.
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(2009)
Advances in Development Economics
, pp. 155
-
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Basu, D.R.1
-
249
-
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79959450747
-
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See Basu, supra, at 156 describing earlier shifts in India's policies
-
See Basu, supra, at 156 (describing earlier shifts in India's policies);
-
-
-
-
250
-
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79959386841
-
-
see also Thomas, supra note 11, at 275-77 describing the influence of the Washington Consensus as one among several factors influencing economic regulatory reform in Mexico
-
see also Thomas, supra note 11, at 275-77 (describing the influence of the Washington Consensus as one among several factors influencing economic regulatory reform in Mexico).
-
-
-
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251
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79959446784
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See Simon, supra note 162, at 86-91
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See Simon, supra note 162, at 86-91.
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252
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79959455437
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See id
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See id.
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253
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79959430426
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See id
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See id.
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254
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84937310774
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The political economy of debt and structural adjustment in Africa
-
See, 302
-
See Rohinton Medhora, The Political Economy of Debt and Structural Adjustment in Africa, 28 CAN. J. AFR. STUD. 300, 302 (1994)
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Can. J. Afr. Stud.
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Medhora, R.1
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257
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79959487207
-
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supra Part I. A
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supra Part I. A.
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258
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79959427860
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SHIHATA, supra note 19, at 54
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SHIHATA, supra note 19, at 54
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260
-
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79959443483
-
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see also Rittich, supra note 13 "The legal reforms that have been a feature of the development of agenda sic since the mid-1990s. gained force from... the conclusion that... governance failures lay at the root of the ongoing dilemmas of development, particularly in Sub-Saharan Africa."
-
see also Rittich, supra note 13 ("[The] legal reforms that have been a feature of the development of agenda [sic] since the mid-1990s... gained force from... the conclusion that... governance failures lay at the root of the ongoing dilemmas of development, particularly in Sub-Saharan Africa.").
-
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261
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79959414743
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See supra notes 12-13 and accompanying text
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See supra notes 12-13 and accompanying text.
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262
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79959410262
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See supra note 17
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See supra note 17.
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263
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79959417788
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The policy of deference arose partially out of pragmatic considerations and partially out of a model of development informed by early postwar theoretical influences: Keynesianism and, more specifically, models of development economics which concluded that large-scale industrialization could not occur in poor countries without concerted intervention by the state. For a discussion of these influences
-
The policy of deference arose partially out of pragmatic considerations and partially out of a model of development informed by early postwar theoretical influences: Keynesianism and, more specifically, models of development economics which concluded that large-scale industrialization could not occur in poor countries without concerted intervention by the state. For a discussion of these influences
-
-
-
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264
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79959395936
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see Pereira, supra note 27, at 217-18
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see Pereira, supra note 27, at 217-18.
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265
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79959397778
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See SHIHATA, supra note 19, at 58
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See SHIHATA, supra note 19, at 58.
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267
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79959464530
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Ideological bases of non-alignment (an overview)
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see also, in, supra, at, 73 "Non-alignment has evolved over the years a multidimensional ideological framework responsive to the dynamic metamorphosis in post-war international relations."
-
see also K. P. Misra, Ideological Bases of Non-Alignment (An Overview), in THE PRINCIPLES OF NON-ALIGNMENT, supra, at 62, 73 ("[N]on-alignment has evolved over the years [a] multidimensional ideological framework responsive to the dynamic metamorphosis in post-war international relations.").
-
The Principles of Non-Alignment
, pp. 62
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Misra, K.P.1
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271
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79959448870
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See supra notes 155-65 and accompanying text
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See supra notes 155-65 and accompanying text
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272
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79959422367
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See infra notes 191-225 and accompanying text
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See infra notes 191-225 and accompanying text.
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273
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79959399569
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See SHIHATA, supra note 19, at 58 & n. 25, 59
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See SHIHATA, supra note 19, at 58 & n. 25, 59.
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275
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79959449441
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SHIHATA, supra note 19, at 57
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SHIHATA, supra note 19, at 57.
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276
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79959406613
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EBRD AGREEMENT, supra note 179, at 4
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EBRD AGREEMENT, supra note 179, at 4.
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277
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79959385758
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See id
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See id.
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278
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79959387775
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See SHIHATA, supra note 19, at 57
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See SHIHATA, supra note 19, at 57;
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-
-
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279
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79959459790
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About us-multilateral development banks
-
see also, follow "About" hyperlink" last updated June 30, "Each bank has its own its own independent legal and operational status-but with a similar mandate and a considerable number of joint owners, the multilateral development banks maintain a high level of cooperation".
-
see also About Us-Multilateral Development Banks, WORLD BANK, http://www.worldbank.org/ (follow "About" hyperlink") (last updated June 30, 2003) ("Each bank has its own its own independent legal and operational status-but with a similar mandate and a considerable number of joint owners, the [multilateral development banks] maintain a high level of cooperation. ").
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(2003)
World Bank
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-
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280
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79959383901
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SHIHATA, supra note 19, at 57
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SHIHATA, supra note 19, at 57.
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281
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79959414954
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Id. at 58
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Id. at 58.
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282
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79959470332
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Id. at 54
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Id. at 54.
-
-
-
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283
-
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79959419708
-
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Id. at 53, 54 & n. 4. For the World Bank's description of its composition
-
Id. at 53, 54 & n. 4. For the World Bank's description of its composition
-
-
-
-
284
-
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79959422366
-
Composition of the board
-
see, follow "About" hyperlink; then follow "Boards of Executive Directors" hyperlink; then follow "Composition of the Board" hyperlink last updated Nov. 1, 2010. The increase from twenty-four to twenty-five Executive Directors occurred in late 2010
-
see Composition of the Board, THE WORLD BANK, http://www.worldbank.org/ (follow "About" hyperlink; then follow "Boards of Executive Directors" hyperlink; then follow "Composition of the Board" hyperlink) (last updated Nov. 1, 2010). The increase from twenty-four to twenty-five Executive Directors occurred in late 2010.
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The World Bank
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285
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79959424532
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See id
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See id.
-
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287
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79959400715
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See CYPHER & DIETZ, supra note 101, at 216
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See CYPHER & DIETZ, supra note 101, at 216.
-
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-
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288
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79959411946
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See id. at 53-54
-
See id. at 53-54;
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-
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289
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38149039246
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The world bank in a changing world: The role of legal construction
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see also, 1346, quoting Shihata's remarks to the American Bar Association in 1994 that "recognizing that good governance is central to fostering strong and equitable development and is an essential complement to sound economic policy, the World Bank has in recent years considered the legal framework as one of the areas of 'governance' it can address consistently with its mandate"
-
see also Robert C. Effros, The World Bank in a Changing World: The Role of Legal Construction, 35 INT'L LAW. 1341, 1346 (2001) (quoting Shihata's remarks to the American Bar Association in 1994 that "[r]ecognizing that good governance is central to fostering strong and equitable development and is an essential complement to sound economic policy, the World Bank has in recent years considered the legal framework as one of the areas of 'governance' it can address consistently with its mandate");
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(2001)
Int'L Law
, vol.35
, pp. 1341
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Effros, R.C.1
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290
-
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79959442186
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The scholar as practitioner: Ibrahim Shihata
-
5-6, "A further preoccupation of Shihata's was the achievement of 'good governance' through well-functioning administrative and judicial institutions. In this regard, his Legal Memorandum of February 1991, entided 'Issues of Governance in Borrowing Members: the Extent of their Relevance Under the Bank's Articles of Agreement', is a masterpiece. It opened the door for undertaking concrete measures aimed at achieving the legal and judicial reform which are deemed necessary for conformity with the Rule of Law, without exceeding the limits set by the Bank's mandate or infringing its obligation not to be involved in domestic political affairs."
-
Ahmed S. El Kosheri, The Scholar as Practitioner: Ibrahim Shihata, 5 Y. B. INT'L FIN. & ECON. L. 3, 5-6 (2000) ("A further preoccupation [of Shihata's] was the achievement [of] 'good governance' through well-functioning administrative and judicial institutions.... In this regard, [his] Legal Memorandum of February 1991, entided 'Issues of Governance in Borrowing Members: the Extent of their Relevance Under the Bank's Articles of Agreement', is a masterpiece. It opened the door for undertaking concrete measures aimed at achieving the legal and judicial reform which are deemed necessary for conformity with the Rule of Law, without exceeding the limits set by the Bank's mandate or infringing its obligation not to be involved in domestic political affairs.").
-
(2000)
Y. B. Int'L Fin. & Econ. L.
, vol.5
, pp. 3
-
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El Kosheri, A.S.1
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291
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See SHIHATA, supra note 19
-
See SHIHATA, supra note 19.
-
-
-
-
292
-
-
79959413106
-
-
For a revised version of this memorandum, see id. at 53 "This chapter is based on a legal memorandum issued by the author on December 21, 1990."
-
For a revised version of this memorandum, see id. at 53 ("This chapter is based on a legal memorandum issued by the author on December 21, 1990.").
-
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-
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293
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79959468637
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See id. at 79-85
-
See id. at 79-85.
-
-
-
-
294
-
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79959416654
-
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See id. at 85 "Concern for rules and institutions is particularly relevant.... Reform policies cannot be effective in the absence of a system which translates mem into workable rules and makes sure they are complied with.... The existence of such a system is a basic requirement for a stable business environment; indeed for a modern state. In its absence, the elements of stability and predictability, so basic to the success of investment, will be lacking...."
-
See id. at 85 ("Concern for rules and institutions is particularly relevant.... Reform policies cannot be effective in the absence of a system which translates mem into workable rules and makes sure they are complied with.... The existence of such a system is a basic requirement for a stable business environment; indeed for a modern state. In its absence, the elements of stability and predictability, so basic to the success of investment, will be lacking....").
-
-
-
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295
-
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79959466673
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Id. at 81-96
-
Id. at 81-96.
-
-
-
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296
-
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79959407708
-
-
A weighted formula allocates representation on the Board of Directors according to the size of each country's contributions to lending funds
-
A weighted formula allocates representation on the Board of Directors according to the size of each country's contributions to lending funds.
-
-
-
-
297
-
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70549090342
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Why culture matters in international institutions: The marginality of human rights at the world bank
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See, 655, The United States exercises the largest single percentage of the overall vote
-
See Galit A. Sarfaty, Why Culture Matters in International Institutions: The Marginality of Human Rights at the World Bank, 103 AM. J. INT'L L. 647, 655 n. 47 (2009). The United States exercises the largest single percentage of the overall vote.
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Am. J. Int'L L.
, vol.103
, Issue.47
, pp. 647
-
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Sarfaty, G.A.1
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298
-
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79959403947
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Boards of executive directors-voting powers
-
See, follow "About" hyperlink; then follow "Boards of Directors" hyperlink; then follow "Voting Powers" hyperlink last updated Aug. 26, 2010
-
See Boards of Executive Directors-Voting Powers, WORLD BANK, http://www.worldbank.org/ (follow "About" hyperlink; then follow "Boards of Directors" hyperlink; then follow "Voting Powers" hyperlink) (last updated Aug. 26, 2010).
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World Bank
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299
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79959444619
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Sarfaty, supra note 196, at 659
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Sarfaty, supra note 196, at 659.
-
-
-
-
300
-
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79959433330
-
-
See SHIHATA, supra note 19, at 93-96 differentiating between types of governance falling within the Bank's mandate
-
See SHIHATA, supra note 19, at 93-96 (differentiating between types of governance falling within the Bank's mandate);
-
-
-
-
301
-
-
0346247890
-
Democracy and development
-
see also, 638-43, arguing that drawing the World Bank into political affairs would compromise its objective of promoting development finance
-
see also Ibrahim F. I. Shihata, Democracy and Development, 46 INT'L & COMP. L. Q. 635, 638-43 (1997) (arguing that drawing the World Bank into political affairs would compromise its objective of promoting development finance).
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Int'L & Comp. L. Q
, vol.46
, pp. 635
-
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Shihata, I.F.I.1
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302
-
-
79959444045
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See Sarfaty, supra note 196, at 660-65 "The closing statement of Danino's legal opinion reads: 'The Articles of Agreement permit, and in some cases require, the Bank to recognize the human rights dimensions of its development policies and activities since it is now evident that human rights are an intrinsic part of the Bank's mission'. This view represents a significant departure from the previous official interpretation by General Counsel Shihata." alteration in original footnote omitted
-
See Sarfaty, supra note 196, at 660-65 ("The closing statement of Danino's legal opinion reads: '[T]he Articles of Agreement permit, and in some cases require, the Bank to recognize the human rights dimensions of its development policies and activities since it is now evident that human rights are an intrinsic part of the Bank's mission'. This view represents a significant departure from the previous official interpretation by General Counsel Shihata." (alteration in original) (footnote omitted)).
-
-
-
-
303
-
-
79959430137
-
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See supra text accompanying notes 129-31
-
See supra text accompanying notes 129-31;
-
-
-
-
304
-
-
79959427861
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see also Preface to, supra note 141, at, dividing leadership at the World Bank into the era of the Washington Consensus and Krueger and the "post-Krueger modifications to the Washington Consensus, especially those associated with the Wolfensohn-Stiglitz leadership of the World Bank"
-
see also Preface to THE NEW DEVELOPMENT ECONOMICS: AFTER THE WASHINGTON CONSENSUS, supra note 141, at vii-x (dividing leadership at the World Bank into the era of the Washington Consensus and Krueger and the "post-Krueger modifications to the Washington Consensus, especially those associated with the Wolfensohn-Stiglitz leadership of the World Bank").
-
The New Development Economics: After the Washington Consensus
-
-
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305
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79959480769
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See supra notes 132-36
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See supra notes 132-36.
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306
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DEZALAY & GARTH, supra note 12, at 171
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DEZALAY & GARTH, supra note 12, at 171.
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307
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79959451866
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Id. at 172
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Id. at 172.
-
-
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308
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79959430984
-
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Id
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Id.
-
-
-
-
309
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79959421856
-
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Id. at 171 "This collaborative effort of the Latin American and Caribbean regional office and Public Sector Management unit directly attacked the 'consensus' of the 1980s, stating pointedly that 'good macro policy is not enough; good institutions are critical for macroeconomic stability in today's world of global financial integration. '"
-
Id. at 171 ("This collaborative effort of the Latin American and Caribbean regional office and Public Sector Management unit directly attacked the 'consensus' of the 1980s, stating pointedly that 'good macro policy is not enough; good institutions are critical for macroeconomic stability in today's world of global financial integration. '"
-
-
-
-
311
-
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0032416910
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Law and finance
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See, 1115-16
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See Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer & Robert W. Vishny, Law and Finance, 106 J. POL. ECON. 1113, 1115-16 (1998).
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La Porta, R.1
Lopez-De-Silanes, F.2
Shleifer, A.3
Vishny, R.W.4
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312
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See id. at 1113
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See id. at 1113;
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-
-
-
314
-
-
79959472918
-
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See supra note 21 and accompanying text
-
See supra note 21 and accompanying text;
-
-
-
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315
-
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79959425065
-
-
see also DAM, supra note 16, at 93 "One conclusion widely agreed upon, not just in the economic literature but also among lawyers and legal scholars, is therefore that the judiciary is a vital factor in the rule of law and more broadly in economic development"
-
see also DAM, supra note 16, at 93 ("One conclusion widely agreed upon, not just in the economic literature but also among lawyers and legal scholars, is therefore that the judiciary is a vital factor in the rule of law and more broadly in economic development");
-
-
-
-
316
-
-
79959485666
-
-
id. at 228 "Substantive law is important, but it is likely mat enforcement is even more important, and the judiciary is a main vehicle for enforcement of substantive law."
-
id. at 228 ("Substantive law is important, but it is likely mat enforcement is even more important, and the judiciary is a main vehicle for enforcement of substantive law.");
-
-
-
-
319
-
-
33845331364
-
And the winners are
-
See, Dec. 2-8, at
-
See And the Winners Are..., THE ECONOMIST, Dec. 2-8, 2006, at 16.
-
(2006)
The Economist
, pp. 16
-
-
-
321
-
-
79959471293
-
Business visionaries: Hernando de soto
-
See, Nov. 10, 6:00 PM
-
See Stephanie Dahle, Business Visionaries: Hernando de Soto, FORBES (Nov. 10, 2009, 6:00 PM), http://www.forbes.vom/2009/11/10/de-soto-hernando-opinions- business-visionaries-bio.html.
-
(2009)
Forbes
-
-
Dahle, S.1
-
322
-
-
79959414195
-
-
DE SOTO, supra note 209, at 157
-
DE SOTO, supra note 209, at 157.
-
-
-
-
324
-
-
79959381749
-
-
See DE SOTO, supra note 209, at 172 "The only systematic way to integrate these social contracts into a formal property system is by building a legal and political structure, a bridge, if you will, so well anchored in people's own extralegal arrangements that they will gladly walk across it to enter this new, all-encompassing formal social contract."
-
See DE SOTO, supra note 209, at 172 ("The only systematic way to integrate these social contracts into a formal property system is by building a legal and political structure, a bridge, if you will, so well anchored in people's own extralegal arrangements that they will gladly walk across it to enter this new, all-encompassing formal social contract.").
-
-
-
-
325
-
-
79959424531
-
-
See id. at 69-79 contending that entrepreneurship and the subsequent development of capital cannot be realized among the massive extralegal populations existing in the world's poorer countries because of the lack of a formal system of property
-
See id. at 69-79 (contending that entrepreneurship and the subsequent development of capital cannot be realized among the massive extralegal populations existing in the world's poorer countries because of the lack of a formal system of property).
-
-
-
-
326
-
-
79959395937
-
-
See generally DE SOTO, supra note 214
-
See generally DE SOTO, supra note 214.
-
-
-
-
327
-
-
79959401795
-
-
See id. at 17-19 describing the phenomenon of migration from the Peruvian countryside to Lima, which has grown by 1, 200% over the last forty years, and describing the largely informal structures and systems of housing, trade, and transport that characterized this population
-
See id. at 17-19 (describing the phenomenon of migration from the Peruvian countryside to Lima, which has grown by 1, 200% over the last forty years, and describing the largely informal structures and systems of housing, trade, and transport that characterized this population).
-
-
-
-
328
-
-
79959407707
-
-
See id. at 185-87 stating that to achieve effective legal rules, "it makes more sense to adapt the law to reality" by taking into account the social systems of the informal sector
-
See id. at 185-87 (stating that to achieve effective legal rules, "[i]t makes more sense to adapt the law to reality" by taking into account the social systems of the informal sector).
-
-
-
-
329
-
-
79959450035
-
-
See generally id. at 131-87 describing the importance of formality and access to the law
-
See generally id. at 131-87 (describing the importance of formality and access to the law).
-
-
-
-
330
-
-
79959460960
-
-
See id. at 250-52 "What is needed, then, to encourage economic development is not to abolish informal activity but to integrate, legalize, and promote it."
-
See id. at 250-52 ("What is needed, then, [to encourage economic development] is not to abolish informal activity but to integrate, legalize, and promote it.").
-
-
-
-
331
-
-
79959461536
-
-
DE SOTO, supra note 209, at 172
-
DE SOTO, supra note 209, at 172.
-
-
-
-
332
-
-
79959382868
-
-
See id. at 171-87 discussing the importance of recognizing and responding to extralegal social contracts
-
See id. at 171-87 (discussing the importance of recognizing and responding to extralegal social contracts).
-
-
-
-
333
-
-
79959394818
-
-
See id. at 182-87 explaining his approach to fieldwork and the necessity of uncovering the social contracts stabilizing the informal sector to achieve effective reform
-
See id. at 182-87 (explaining his approach to fieldwork and the necessity of uncovering the social contracts stabilizing the informal sector to achieve effective reform);
-
-
-
-
334
-
-
79959414742
-
-
see also id at 168 stating that government programs attempting to create formal property rights for the poor have traditionally failed "not because the law has privatized or collectivized people in developing countries but simply because it does not address what they want"
-
see also id at 168 (stating that government programs attempting to create formal property rights for the poor have traditionally failed "not because the law has privatized or collectivized [people in developing countries] but simply because it does not address what they want").
-
-
-
-
336
-
-
0025621084
-
A new path to development? The significance and impact of Hernando De Soto's ideas on underdevelopment, production, and reproduction
-
See, e.g.
-
See, e.g., Ray Bromley, A New Path to Development? The Significance and Impact of Hernando de Soto's Ideas on Underdevelopment, Production, and Reproduction, 66 ECON. GEOGRAPHY 328 (1990);
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(1990)
Econ. Geography
, vol.66
, pp. 328
-
-
Bromley, R.1
-
337
-
-
25844497599
-
The influence of De Soto's the mystery of capital
-
Lincoln Inst of Land Policy, Cambridge, Mass., Jan, at, 5-8
-
Edesio Fernandes, The Influence of de Soto's The Mystery of Capital, LAND LINES (Lincoln Inst of Land Policy, Cambridge, Mass.), Jan. 2002, at 5, 5-8.
-
(2002)
Land Lines
, pp. 5
-
-
Fernandes, E.1
-
338
-
-
79959454379
-
-
See supra Part I. A
-
See supra Part I. A
-
-
-
-
339
-
-
79959393152
-
-
See supra Part I. A
-
See supra Part I. A.
-
-
-
-
340
-
-
79959406614
-
-
See supra text accompanying notes 140-41
-
See supra text accompanying notes 140-41.
-
-
-
-
341
-
-
79959481354
-
-
See supra text accompanying notes 157-214
-
See supra text accompanying notes 157-214.
-
-
-
-
342
-
-
79959447347
-
-
For example, James Cypher and James Dietz discuss neoclassical economics and the New Political Economy
-
For example, James Cypher and James Dietz discuss neoclassical economics and the New Political Economy
-
-
-
-
343
-
-
79959388891
-
-
see CYPHER & DIETZ, supra note 101, at 216-20, but their discussion of institutionalism includes only the more politically moderate approaches of Peter Evans, Gunnar Myrdal, and Clarence Ayres
-
see CYPHER & DIETZ, supra note 101, at 216-20, but their discussion of institutionalism includes only the more politically moderate approaches of Peter Evans, Gunnar Myrdal, and Clarence Ayres.
-
-
-
-
344
-
-
79959414953
-
-
See id. at 180-85, 220-22. Kerry Rittich discusses public choice theory, rent-seeking analysis, and moderate institutionalists, but he does not discuss the New Institutional Economics
-
See id. at 180-85, 220-22. Kerry Rittich discusses public choice theory, rent-seeking analysis, and moderate institutionalists, but he does not discuss the New Institutional Economics.
-
-
-
-
345
-
-
79959433236
-
-
See RRTTICH, supra note 58, at 115-25, 143-51
-
@ See RRTTICH, supra note 58, at 115-25, 143-51.
-
-
-
-
346
-
-
79959395383
-
-
See, e.g., Kennedy, supra note 69, at 95-96 "Although my goal is to decode the politics of expertise in each phase of development common sense, I say very little about how thinking in these phases was linked to broader social and political events."
-
See, e.g., Kennedy, supra note 69, at 95-96 ("Although my goal is to decode the politics of expertise in each phase [of development common sense], I say very little about how thinking in these phases was linked to broader social and political events.").
-
-
-
-
347
-
-
79959419127
-
-
See, e.g., DAM, supra note 16 discussing the implications of neoinstitutionalism for legal institutions and economic growth
-
See, e.g., DAM, supra note 16 (discussing the implications of neoinstitutionalism for legal institutions and economic growth);
-
-
-
-
348
-
-
79959467554
-
-
TREBILCOCK & DANIELS, supra note 23 addressing issues concerning the role of the rule of law in development
-
TREBILCOCK & DANIELS, supra note 23 (addressing issues concerning the role of the rule of law in development).
-
-
-
-
349
-
-
79959419128
-
-
See sources cited supra note 23
-
See sources cited supra note 23.
-
-
-
-
350
-
-
79959456778
-
-
See, e.g., DAM, supra note 16
-
See, e.g., DAM, supra note 16;
-
-
-
-
351
-
-
84881846518
-
-
supra note 13 providing a collection of essays analyzing the reladonship between law and economic development
-
THE NEW LAW AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL, supra note 13 (providing a collection of essays analyzing the reladonship between law and economic development);
-
The New Law and Economic Development: A Critical Appraisal
-
-
-
352
-
-
79959400714
-
-
TREBILCOCK & DANIELS, supra note 23
-
TREBILCOCK & DANIELS, supra note 23.
-
-
-
-
353
-
-
0842339286
-
-
See, e.g., supra note 23 presenting a compilation of essays discussing the importance of the rule of law
-
See, e.g., PROMOTING THE RULE OF LAW ABROAD: IN SEARCH OF KNOWLEDGE, supra note 23 (presenting a compilation of essays discussing the importance of the rule of law);
-
Promoting the Rule of Law Abroad: In Search of Knowledge
-
-
-
354
-
-
79959479894
-
-
available at, discussing problems that have plagued judicial reform in Latin America from the perspective of a Senior Public Sector Management Specialist in the World Bank's Latin American Regional Department
-
LINN HAMMERGREN, USING CASE FILE ANALYSIS TO IMPROVE JUDICIAL REFORM STRATEGIES: THE WORLD BANK EXPERIENCE IN LATIN AMERICA (2004), available at http://www.iij.derecho.ucr.ac.cr/archivos/documentacion/inv%20otras%20entidades/ CLAD/CLAD%20 IX/documentos/hammergr.pdf (discussing problems that have plagued judicial reform in Latin America from the perspective of a Senior Public Sector Management Specialist in the World Bank's Latin American Regional Department).
-
(2004)
Using Case File Analysis to Improve Judicial Reform Strategies: The World Bank Experience in Latin America
-
-
Hammergren, L.1
-
355
-
-
56249103131
-
The relationship between law and development: Optimists versus skeptics
-
Fora more detailed schematization of law and development scholarship according to degree of apparent skepticism about the enterprise as a whole, see, 940, 941
-
Fora more detailed schematization of law and development scholarship according to degree of apparent skepticism about the enterprise as a whole, see Kevin E. Davis & Michael J. Trebilcock, The Relationship Between Law and Development: Optimists Versus Skeptics, 56 AM. J. COMP. L. 895, 940, 941 (2008).
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(2008)
Am. J. Comp. L.
, vol.56
, pp. 895
-
-
Davis, K.E.1
Trebilcock, M.J.2
-
356
-
-
79959482317
-
-
For example, Alvaro Santos has detailed the ways in which the discourse adopts concepts of rule of law that stem from Weberian and Hayekian precepts but also from other influential writers, such as A. V. Dicey and Amartya Sen. According to Santos's analysis, Weber and Hayek conceive of the rule of law as useful primarily for its instrumental value in effecting economic growth, whereas Dicey and Sen support an intrinsic conception of the rule of law as an end in and of itself
-
For example, Alvaro Santos has detailed the ways in which the discourse adopts concepts of rule of law that stem from Weberian and Hayekian precepts but also from other influential writers, such as A. V. Dicey and Amartya Sen. According to Santos's analysis, Weber and Hayek conceive of the rule of law as useful primarily for its instrumental value in effecting economic growth, whereas Dicey and Sen support an intrinsic conception of the rule of law as an end in and of itself.
-
-
-
-
357
-
-
79959446225
-
-
See Santos, supra note 159, at 259-66
-
See Santos, supra note 159, at 259-66.
-
-
-
-
358
-
-
33846395604
-
Competing definitions of the rule of law
-
For another treatment of the entangled intellectual heritage of rule of law policies, see, in, supra note 21, at, 32
-
For another treatment of the entangled intellectual heritage of rule of law policies, see Rachel Kleinfeld, Competing Definitions of the Rule of Law, in PROMOTING THE RULE OF LAW ABROAD: IN SEARCH OF KNOWLEDGE, supra note 21, at 31, 32.
-
Promoting the Rule of Law Abroad: In Search of Knowledge
, pp. 31
-
-
Kleinfeld, R.1
-
359
-
-
79959412516
-
-
See supra Part I. A
-
See supra Part I. A.
-
-
-
-
360
-
-
79959474343
-
-
See HAYEK, supra note 37, at 11-38 evaluating definitions of liberty and coercion to assess the relationship between the terms
-
See HAYEK, supra note 37, at 11-38 (evaluating definitions of liberty and coercion to assess the relationship between the terms);
-
-
-
-
361
-
-
79959439949
-
-
see also Santos, supra note 159, at 263 "In the instrumentalist version, Hayek regards the rule of law as a system that articulates a free market economy."
-
see also Santos, supra note 159, at 263 ("In the instrumentalist version, Hayek regards the rule of law as a system that articulates a free market economy.").
-
-
-
-
362
-
-
79959468636
-
-
See SEN, supra note 133, at 18 presenting two reasons for the "crucial importance of individual freedom in the concept of development": first, substantive individual freedoms define the success of a society, and second, substantive freedoms provide the main source of individual initiative
-
See SEN, supra note 133, at 18 (presenting two reasons for the "crucial importance of individual freedom in the concept of development": first, substantive individual freedoms define the success of a society, and second, substantive freedoms provide the main source of individual initiative);
-
-
-
-
363
-
-
79959447346
-
-
see also Santos, supra note 159, at 265 "Amartya Sen upholds an intrinsic vision of the rule of law, which propounds that the legal system ought to be judged according to whether it enables peoples' capability to exercise their rights."
-
see also Santos, supra note 159, at 265 ("Amartya Sen upholds an intrinsic vision of the rule of law, which propounds that the legal system ought to be judged according to whether it enables peoples' capability to exercise their rights.").
-
-
-
-
364
-
-
79959477707
-
-
See TREBILCOCK & DANIELS, supra note 23, at 16-23 distinguishing the "thick" view, which unites the rule of law with liberal associations, from the "thin" approach, which favors a formalistic, spare definition of the rule of law
-
See TREBILCOCK & DANIELS, supra note 23, at 16-23 (distinguishing the "thick" view, which unites the rule of law with liberal associations, from the "thin" approach, which favors a formalistic, spare definition of the rule of law).
-
-
-
-
365
-
-
79959390289
-
-
See id. at 16 explaining that Hayek "favours a 'thick' conception", considering the rule of law to be inherendy linked with freedom. To the neoclassical and human rights constitutions described above, Trebilcock and Daniels add a contemporary American constitutional and political theory that might be loosely associated with civic republicanism. The exemplar of this view is Cass Sunstein's work on deliberative democracy, which according to Trebilcock and Daniels, sets out to establish a "comprehensive political morality" that fulfills normative goals of democratic constitutionalism
-
See id. at 16 (explaining that Hayek "favours a 'thick' conception", considering the rule of law to be inherendy linked with freedom). To the neoclassical and human rights constitutions described above, Trebilcock and Daniels add a contemporary American constitutional and political theory that might be loosely associated with civic republicanism. The exemplar of this view is Cass Sunstein's work on deliberative democracy, which according to Trebilcock and Daniels, sets out to establish a "comprehensive political morality" that fulfills normative goals of democratic constitutionalism.
-
-
-
-
366
-
-
79959394817
-
-
Id. at 16-17
-
Id. at 16-17.
-
-
-
-
367
-
-
79959474886
-
-
See id. at 20-23
-
See id. at 20-23
-
-
-
-
371
-
-
79959447345
-
-
TREBILCOCK & DANIELS, supra note 23, at 20 describing Rawls's view on the rule of law
-
TREBILCOCK & DANIELS, supra note 23, at 20 (describing Rawls's view on the rule of law).
-
-
-
-
372
-
-
79959454378
-
-
See id. at 20-22 presenting lists of factors that Raz and Fuller claim are desirable components of a legal system
-
See id. at 20-22 (presenting lists of factors that Raz and Fuller claim are desirable components of a legal system).
-
-
-
-
373
-
-
79959438627
-
-
See Rittich, supra note 13, at 225-27 contending that human rights have been embraced as an end in and of themselves for social and economic development
-
See Rittich, supra note 13, at 225-27 (contending that human rights have been embraced as an end in and of themselves for social and economic development).
-
-
-
-
374
-
-
79959453825
-
-
See Santos, supra note 159, at 255 arguing that "the conceptions of the rule of law. need not be, and indeed are not, consistent with each other"
-
See Santos, supra note 159, at 255 (arguing that "the conceptions of the rule of law... need not be, and indeed are not, consistent with each other").
-
-
-
-
375
-
-
84937178593
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Thaumatrope
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See, 1320
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See William Powers, Jr., Thaumatrope, 77 TEX. L. REV. 1319, 1320 & n. 14 (1999)
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(1999)
Tex. L. Rev.
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Powers Jr., W.1
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376
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0346568332
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reviewing, "A Thaumatrope is a device in which two objects are painted on opposite sides of a card, for example, a man and a horse or a bird and a cage, and the card is fitted into a frame with a handle. When the handle is rotated rapidly, the onlooker sees the two objects combined into a single picture-the man on the horse's back or the bird in the cage." footnote omitted
-
(reviewing ANDREW L. KAUFMAN, CARDOZO (1998)) ("A Thaumatrope is a device in which two objects are painted on opposite sides of a card, for example, a man and a horse or a bird and a cage, and the card is fitted into a frame with a handle. When the handle is rotated rapidly, the onlooker sees the two objects combined into a single picture-the man on the horse's back or the bird in the cage." (footnote omitted)).
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(1998)
Cardozo
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Kaufman, A.L.1
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377
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79959390290
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See Trubek & Santos, supra note 30, at 7-11
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See Trubek & Santos, supra note 30, at 7-11.
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-
-
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378
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79959481353
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See supra Part I. A
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See supra Part I. A.
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379
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79959394271
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See supra Part I
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See supra Part I.
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380
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See, Harvard Law Sch. Pub. Law & Legal Theory Working Paper Series, Paper No. 09-59, available at
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See David Kennedy, Some Caution About Property Rights as a Recipe for Economic Development 7 (Harvard Law Sch. Pub. Law & Legal Theory Working Paper Series, Paper No. 09-59, 2009), available at http://papers.ssrn. com/sol3/papers.cfm?abstract-id=1468549.
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Kennedy, D.1
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381
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79959461535
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note
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Id. Kennedy also notes that [s]ome have sought to strengthen the public at the expense of the private by insisting upon the priority of legislation or regulation or by identifying and expanding the points within private law at which officials charged with implementing private arrangements could exercise discretion and recognize or impose social duties on those in private relationships. For others, the goal has been to strengthen the private against the public by treating private rights as constitutional limits upon sovereign powers or otherwise narrowing the opportunities for officials implementing private arrangements to exercise discretion or impose social obligations. But these two poles are not the only, or even the most important, alternatives. There have also been numerous efforts to see the domains as '"equal" if distinct, or to imagine a functional "partnership" between them or "balance" among their respective virtues guided by a larger policy objective such as market efficiency or economic development or social welfare or the provision of public goods.
-
-
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382
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79959420830
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Id
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Id.
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384
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79959436923
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See, e.g., STIGLITZ, supra note 9, at 89-132 discussing the "East Asia crisis" and how "IMF/U. S. treasury policies led to the crisis"
-
See, e.g., STIGLITZ, supra note 9, at 89-132 (discussing the "East Asia crisis" and how "IMF/U. S. treasury policies led to the crisis");
-
-
-
-
385
-
-
79959484032
-
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Thomas, supra note 30 offering an intellectual history to explain the intractability of universalistic solutions
-
Thomas, supra note 30 (offering an intellectual history to explain the intractability of universalistic solutions).
-
-
-
-
386
-
-
68949093633
-
A statement of progressive property
-
See, e.g., 743-44, arguing that "property implicates plural and incommensurable values" such as "environmental stewardship, civic responsibility, and aggregate wealth"
-
See, e.g., Gregory S. Alexander et al., A Statement of Progressive Property, 94 CORNELL L. REV. 743, 743-44 (2009) (arguing that "[p]roperty implicates plural and incommensurable values" such as "environmental stewardship, civic responsibility, and aggregate wealth").
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Alexander, G.S.1
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387
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Kennedy, supra note 252, at 2
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Kennedy, supra note 252, at 2.
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388
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79959470855
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Leaving the body of property law? Meltdowns, land rushes, and failed economic development
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See, in, 83-84, 90 D. Benjamin Barros ed.
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See Rashmi Dyal-Chand, Leaving the Body of Property Law? Meltdowns, Land Rushes, and Failed Economic Development, in HERNANDO DE SOTO AND PROPERTY IN A MARKET ECONOMY 83, 83-84, 90 (D. Benjamin Barros ed., 2010).
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Hernando De Soto and Property in a Market Economy
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Dyal-Chand, R.1
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Invasions, innovation, environment
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See, in, supra note 258, at, 24-30 discussing the negative externalities of land invasion
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See Carol M. Rose, Invasions, Innovation, Environment, in HERNANDO DE SOTO AND PROPERTY IN A MARKET ECONOMY, supra note 258, at 21, 24-30 (discussing the negative externalities of land invasion).
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Hernando De Soto and Property in a Market Economy
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Rose, C.M.1
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390
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The costs of regulation or the consequences of poverty? Progressive lessons from de soto
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See Eduardo M. Peñalver, The Costs of Regulation or the Consequences of Poverty? Progressive Lessons from de Soto, in HERNANDO DE SOTO AND PROPERTY IN A MARKET ECONOMY, supra note 258, at 7, 7-8.
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Hernando De Soto and Property in a Market Economy
, pp. 7
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Peñalver, E.M.1
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391
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79959396685
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See id. at 10
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See id. at 10.
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-
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392
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79959448871
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See Rose, supra note 259, at 22-23, 26, 39
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See Rose, supra note 259, at 22-23, 26, 39.
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393
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79959403416
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See Carothers, supra note 21, at 15
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See Carothers, supra note 21, at 15.
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394
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79959404505
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See id. at 17
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See id. at 17.
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See id
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See id.
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396
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See infra text accompanying notes 267-306
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See infra text accompanying notes 267-306.
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See id. at 38-39 discussing empirical work showing that for substantial parts of the nineteenth and twentieth centuries, economic growth rates in France outpaced those in Britain
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409
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79959465542
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See id. at 52 naming the former British colonies or protectorates of Kenya, Nigeria, Somalia, Bangladesh, and Pakistan
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See id. at 52 (naming the former British colonies or protectorates of Kenya, Nigeria, Somalia, Bangladesh, and Pakistan).
-
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-
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410
-
-
79959427333
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-
For example, Kenya, Nigeria, Somalia, Bangladesh, and Pakistan all rank in the bottom third of the United Nations Human Development Index
-
For example, Kenya, Nigeria, Somalia, Bangladesh, and Pakistan all rank in the bottom third of the United Nations Human Development Index.
-
-
-
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411
-
-
79959439166
-
-
See, at, tbl.1, available at, While LLSV's hypothesis has now been largely discredited in its original form, other commentators have advanced more refined versions of their argument, such as the colonial origins thesis that the institutional legacies left by colonizing powers in particular territories significandy determined the growth prospects of those territories
-
See UNITED NATIONS DEVELOPMENT PROGRAMME, HUMAN DEVELOPMENT INDEX 2010, at 143 tbl.1 (2010), available at http://hdr.undp.org/en/media/HDR-2010-EN- Complete-reprint.pdf. While LLSV's hypothesis has now been largely discredited in its original form, other commentators have advanced more refined versions of their argument, such as the colonial origins thesis that the institutional legacies left by colonizing powers in particular territories significandy determined the growth prospects of those territories.
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-
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412
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79959471822
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See, e.g., Daniels et al., supra note 207, at 7 & n. 23, 9
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See, e.g., Daniels et al., supra note 207, at 7 & n. 23, 9.
-
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413
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World governance indicators
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See, last visited Mar. 28, 2011
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See World Governance Indicators, WORLD BANK, http://info.worldbank.org/ governance/wgi/index.asp (last visited Mar. 28, 2011).
-
World Bank
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414
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34247108825
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See Daniel Kaufmann et al., Governance Matters VI: Aggregate and Individual Governance Indicators 1996-2006, at 1 (World Bank Policy Research Working Paper 4280, 2007), available at http://papers.ssrn. com/sol3/papers.cfm? abstract-id=999979. The indicators are: 1. Voice and Accountability (VA) - measuring the extent to which a country's citizens are able to participate in selecting their government, as well as freedom of expression, freedom of association, and a free media[;] 2. Political Stability and Absence of Violence (PV) - measuring perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including domestic violence and terrorism [;] 3. Government Effectiveness (GE) - measuring the quality of public services, the quality of the civil service and the degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government's commitment to such policies[;] 4. Regulatory Quality (RQ) - measuring the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development[;] 5. Rule of Law (RL) - measuring the extent to which agents have confidence in and abide by the rules of society, and in particular the quality of contract enforcement, the police, and the courts, as well as the likelihood of crime and violence[;] 6. Control of Corruption (CC) - measuring the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as "capture" of the state by elites and private interests!.]
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(2007)
Governance Matters VI: Aggregate and Individual Governance Indicators 1996-2006
, pp. 1
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Kaufmann, D.1
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415
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79959407191
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Id. at 3-4
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Id. at 3-4.
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416
-
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79959439167
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Oct, unpublished manuscript, available at
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Daniel Kaufmann, Governance Redux: The Empirical Challenge 12 (Oct. 2003) (unpublished manuscript), available at http://papers.ssrn. com/sol3/papers.cfm? abstract-id=541322.
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79959448441
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See supra notes 101-14 and accompanying text
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See supra notes 101-14 and accompanying text
-
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-
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419
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79959459789
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See Rodrik et al., supra note 279, at 10
-
See Rodrik et al., supra note 279, at 10.
-
-
-
-
420
-
-
79959438628
-
-
Rodrik has acknowledged the precariousness of econometric studies for proving broad causal relationships: "Econometric results can be found to support any and all of these categories of arguments. However, very little of this econometric work survives close scrutiny... or is able to sway the priors of anyone with strong convictions in other directions. Moreover, there is litde reason to believe that the primary causal channels are invariant.... There may not be universal rules about what makes countries grow."
-
Rodrik has acknowledged the precariousness of econometric studies for proving broad causal relationships: "Econometric results can be found to support any and all of these categories of arguments. However, very little of this econometric work survives close scrutiny... or is able to sway the priors of anyone with strong convictions in other directions. Moreover, there is litde reason to believe that the primary causal channels are invariant.... There may not be universal rules about what makes countries grow."
-
-
-
-
422
-
-
79959475455
-
-
See Kaufmann et al., supra note 277, at 4 explaining that "data sources consist of surveys of firms and individuals, as well as the assessments of commercial risk rating agencies, non-governmental organizations, and a number of multilateral aid agencies and other public sector organizations"
-
See Kaufmann et al., supra note 277, at 4 (explaining that "data sources consist of surveys of firms and individuals, as well as the assessments of commercial risk rating agencies, non-governmental organizations, and a number of multilateral aid agencies and other public sector organizations").
-
-
-
-
423
-
-
79959385759
-
-
See id. Of the thirty-three sources of survey information, most are directed towards the staff and experts of development organizations; only four include the views of households based in the developing world
-
See id. Of the thirty-three sources of survey information, most are directed towards the staff and experts of development organizations; only four include the views of households based in the developing world.
-
-
-
-
424
-
-
79959428432
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-
See id. at 5, 41, 51, 54, 59
-
See id. at 5, 41, 51, 54, 59.
-
-
-
-
425
-
-
79959400138
-
-
See Davis & Trebilcock, supra note 236, at 940-41 2008 "One would expect the impact of geographically determined colonial policies to diminish with the amount of time that has passed since independence."
-
See Davis & Trebilcock, supra note 236, at 940-41 (2008) ("One would expect the impact of geographically determined colonial policies to diminish with the amount of time that has passed since independence....");
-
-
-
-
426
-
-
79959468635
-
-
see also TREBILCOCK & DANIELS, supra note 23, at 9 listing flaws such as "imperfect correlations" and "unexplained variation"
-
see also TREBILCOCK & DANIELS, supra note 23, at 9 (listing flaws such as "imperfect correlations" and "unexplained variation").
-
-
-
-
427
-
-
79959451309
-
-
See DAM, supra note 16, at 52
-
See DAM, supra note 16, at 52.
-
-
-
-
428
-
-
79959442944
-
-
See Kaufmann, supra note 278, at 15 finding "a large direct causal effect from better governance to improved development outcomes" emphasis omitted
-
See Kaufmann, supra note 278, at 15 (finding "a large direct causal effect from better governance to improved development outcomes" (emphasis omitted));
-
-
-
-
429
-
-
79959390291
-
-
Rodrik et al., supra note 279, at 6
-
Rodrik et al., supra note 279, at 6.
-
-
-
-
430
-
-
79959418550
-
-
See Kaufmann, supra note 278, at 15-17 comparing the historical legal origin of countries and rule of law quality
-
See Kaufmann, supra note 278, at 15-17 (comparing the historical legal origin of countries and rule of law quality);
-
-
-
-
431
-
-
79959401794
-
-
Rodrik et al., supra note 279, at 10 n. 6, 12-15 explaining why their large sample size increases the validity of the country data points and performing robustness checks on variables such as legal origins and geography
-
Rodrik et al., supra note 279, at 10 n. 6, 12-15 (explaining why their large sample size increases the validity of the country data points and performing robustness checks on variables such as legal origins and geography).
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-
-
-
432
-
-
0000979996
-
The colonial origins of comparative development: An empirical investigation
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The study is so-named in reference to its three authors. See
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The study is so-named in reference to its three authors. See Daron Acemoglu, Simon Johnson & James A. Robinson, The Colonial Origins of Comparative Development: An Empirical Investigation, 91 AM. ECON. REV. 1369 (2001);
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Am. Econ. Rev.
, vol.91
, pp. 1369
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Acemoglu, D.1
Johnson, S.2
Robinson, J.A.3
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433
-
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79959430425
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-
see infra notes 290-93 and accompanying text
-
see infra notes 290-93 and accompanying text.
-
-
-
-
434
-
-
79959465540
-
-
Kaufmann, supra note 278, at 13 n. 16 "Untangling the directions of causation underlying the strong correlations is explained in detail in 'Growth Without Governance', Kaufmann and Kraay 2002."
-
Kaufmann, supra note 278, at 13 n. 16 ("Untangling the directions of causation underlying the strong correlations is explained in detail in 'Growth Without Governance', Kaufmann and Kraay (2002).").
-
-
-
-
435
-
-
2442550176
-
-
World Bank Policy Research Working Paper No. 2928, available at
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Daniel Kaufmann & Aart Kraay, Growth Without Governance 17 (World Bank Policy Research Working Paper No. 2928, 2002), available at http://papers.ssrn. com/sol3/papers.cfm?abstract-id=316861.
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Kaufmann, D.1
Kraay, A.2
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436
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79959433235
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See Rodrik et al., supra note 279, at 5-6
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See Rodrik et al., supra note 279, at 5-6.
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-
-
437
-
-
79959460364
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Id. at 6 emphasis omitted
-
Id. at 6 (emphasis omitted).
-
-
-
-
438
-
-
79959464529
-
-
See Acemoglu, Johnson & Robinson, supra note 289, at 1369-70
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See Acemoglu, Johnson & Robinson, supra note 289, at 1369-70.
-
-
-
-
439
-
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79959417193
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See id. at 1370
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See id. at 1370.
-
-
-
-
440
-
-
79959416653
-
-
See id. at 1370, 1395
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See id. at 1370, 1395.
-
-
-
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441
-
-
79959462855
-
-
See id
-
See id.
-
-
-
-
442
-
-
79959484031
-
-
See Davis & Trebilcock, supra note 236, at 941 "One would expect the impact of geographically determined colonial policies to diminish with the amount of time that has passed since independence."
-
See Davis & Trebilcock, supra note 236, at 941 ("One would expect the impact of geographically determined colonial policies to diminish with the amount of time that has passed since independence....").
-
-
-
-
443
-
-
79959468079
-
-
See id. at 941-42. Davis and Trebilcock also object to the AJR study because AJR argue that high rates of settler mortality led European powers to make two fundamental policy choices: to avoid settlement and to establish exploitative institutions consistent with an "extractive state" rather than a "Neo-Europe." Even if we accept their characterization of the Europeans' dilemma, we would argue that the combination of inhospitable geographic conditions and political power necessitated the first policy decision but not the second. Unless one takes the view that racism, greed, and rapaciousness are fundamental and immutable features of human nature it is difficult to defend the position that exploitation of non-settler colonies was inevitable. It should be viewed as a deliberate decision on the part of the Europeans that was enabled but not wholly determined by geographic conditions and the distribution of power
-
See id. at 941-42. Davis and Trebilcock also object to the AJR study because [AJR] argue that high rates of settler mortality led European powers to make two fundamental policy choices: to avoid settlement and to establish exploitative institutions consistent with an "extractive state" rather than a "Neo-Europe." Even if we accept their characterization of the Europeans' dilemma, we would argue that the combination of inhospitable geographic conditions and political power necessitated the first policy decision but not the second. Unless one takes the view that racism, greed, and rapaciousness are fundamental and immutable features of human nature it is difficult to defend the position that exploitation of non-settler colonies was inevitable. It should be viewed as a deliberate decision on the part of the Europeans that was enabled but not wholly determined by geographic conditions and the distribution of power.
-
-
-
-
444
-
-
79959487937
-
-
Id
-
Id.
-
-
-
-
445
-
-
79959431533
-
-
See Acemoglu, Johnson & Robinson, supra note 289, at 1371, 1377-78, 1386 n. 13 explaining the choice of GDP per capita in 1995 as a measure of economic performance
-
See Acemoglu, Johnson & Robinson, supra note 289, at 1371, 1377-78, 1386 n. 13 (explaining the choice of GDP per capita in 1995 as a measure of economic performance).
-
-
-
-
446
-
-
79959398915
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-
See id. at 1372
-
See id. at 1372.
-
-
-
-
447
-
-
79959455986
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-
See supra notes 287-93 and accompanying text
-
See supra notes 287-93 and accompanying text
-
-
-
-
448
-
-
79959433905
-
-
See RODRIK, supra note 115, at 185. Part of Rodrik's intention in distancing himself from the AJR study seems to have been to avoid supporting the "colonial origins" thesis that has emerged in mat study's wake and which suggests that contemporary economic growth in developing countries stems in part from the quality of the institutional infrastructure created during the colonial era
-
See RODRIK, supra note 115, at 185. Part of Rodrik's intention in distancing himself from the AJR study seems to have been to avoid supporting the "colonial origins" thesis that has emerged in mat study's wake and which suggests that contemporary economic growth in developing countries stems in part from the quality of the institutional infrastructure created during the colonial era.
-
-
-
-
449
-
-
79959419706
-
-
See id. at 186 "If the roots of underdevelopment lie in contrasting encounters with colonizers, how can we explain the fact that countries that have never been colonized by Europeans are among both the poorest and richest of today's economies?". This rebuttal seems oddly misdirected, as the AJR study does not necessarily argue anything about non-colonized countries. In fact, some promising evidence supports the argument that the quality of institutions left behind by colonizers has been important in shaping the postcolonial period for those countries
-
See id. at 186 ("If the roots of underdevelopment lie in contrasting encounters with colonizers, how can we explain the fact that countries that have never been colonized by Europeans are among both the poorest and richest of today's economies?"). This rebuttal seems oddly misdirected, as the AJR study does not necessarily argue anything about non-colonized countries. In fact, some promising evidence supports the argument that the quality of institutions left behind by colonizers has been important in shaping the postcolonial period for those countries.
-
-
-
-
450
-
-
79959409159
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-
See Daniels et al., supra note 207, at 3-4
-
See Daniels et al., supra note 207, at 3-4.
-
-
-
-
451
-
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79959447897
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See RODRIK, supra note 115, at 190
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See RODRIK, supra note 115, at 190.
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-
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452
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79959469206
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Id. at 191
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Id. at 191.
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-
-
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453
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79959417192
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See Carothers, supra note 21, at 3-4
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See Carothers, supra note 21, at 3-4.
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-
-
-
454
-
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0037354964
-
Evolution of corporate law and the transplant effect: Lessons from six countries
-
See, e.g., 92-93, explaining that establishing the contribution of legal institutions to economic growth is empirically difficult and that transplant countries that adapted the imported law or had a population familiar with the imported laws fair better than others. For an intellectual history that helps to explain the intractability of universalistic solutions
-
See, e.g., Katharina Pistor et al., Evolution of Corporate Law and the Transplant Effect: Lessons from Six Countries, 18 WORLD BANK RES. OBSERVER 89, 92-93 (2003) (explaining that establishing the contribution of legal institutions to economic growth is empirically difficult and that transplant countries that adapted the imported law or had a population familiar with the imported laws fair better than others). For an intellectual history that helps to explain the intractability of universalistic solutions
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World Bank Res. Observer
, vol.18
, pp. 89
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Pistor, K.1
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455
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79959384675
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see generally Thomas, supra note 28, at 383-85
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see generally Thomas, supra note 28, at 383-85.
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-
-
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456
-
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79959437525
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-
See DE SOTO, supra note 209, at 171-72 explaining the importance of incorporating whatever existing informal conventions the people already have for the property law regime
-
See DE SOTO, supra note 209, at 171-72 (explaining the importance of incorporating whatever existing informal conventions the people already have for the property law regime);
-
-
-
-
457
-
-
79959458494
-
-
RODRIK, supra note 115, at 4 "I believe that appropriate growth policies are almost always context specific"
-
RODRIK, supra note 115, at 4 ("I believe that appropriate growth policies are almost always context specific").
-
-
-
-
458
-
-
79959398914
-
-
Carothers, supra note 21, at 21. Carothers also notes that attempting to reproduce institutional endpoints consists of diagnosing the shortcomings in selected institutions-that is, determining in what ways selected institutions do not resemble their counterparts in countries that donors believe embody successful rule of law-and then attempting to modify or reshape those institutions to fit the desired model. If a court lacks access to legal materials, then those legal materials should be provided. If case management in the courts is dysfunctional, it should be brought up to Western standards. If a criminal procedure law lacks adequate protections for detainees, it should be rewritten
-
Carothers, supra note 21, at 21. Carothers also notes that attempting to reproduce institutional endpoints consists of diagnosing the shortcomings in selected institutions-that is, determining in what ways selected institutions do not resemble their counterparts in countries that donors believe embody successful rule of law-and then attempting to modify or reshape those institutions to fit the desired model. If a court lacks access to legal materials, then those legal materials should be provided. If case management in the courts is dysfunctional, it should be brought up to Western standards. If a criminal procedure law lacks adequate protections for detainees, it should be rewritten.
-
-
-
-
459
-
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79959473507
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-
Id
-
Id.
-
-
-
-
460
-
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79959479363
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See id. at 25 "Aid institutions do seek to come up with 'lessons learned'... as evidence that they are taking seriously the need to reflect critically.... Often these lessons are too general or obvious, or both."
-
See id. at 25 ("Aid institutions do seek to come up with 'lessons learned'... as evidence that they are taking seriously the need to reflect critically.... Often [these lessons] are too general or obvious, or both.").
-
-
-
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461
-
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79959386842
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See id
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See id.
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462
-
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79959397239
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See id
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See id.
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-
-
-
463
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79959417970
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See HAMMERGREN, supra note 208 describing the author's experience
-
See HAMMERGREN, supra note 208 (describing the author's experience).
-
-
-
-
464
-
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79959402848
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See Santos, supra note 159, at 295 discussing Hammergren's work
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See Santos, supra note 159, at 295 (discussing Hammergren's work).
-
-
-
-
465
-
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79959418549
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See id. at 292
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See id. at 292.
-
-
-
-
466
-
-
79959418548
-
-
See, e.g., Kleinfeld, supra note 237, at 43-44 "Predictability and efficiency are often used by local power brokers as code words to achieve their own goals, which can undermine other rule-of-law ends."
-
See, e.g., Kleinfeld, supra note 237, at 43-44 ("[P]redictability and efficiency are often used by local power brokers as code words to achieve their own goals, which can undermine other rule-of-law ends.");
-
-
-
-
467
-
-
79959396686
-
-
see also TREBILCOCK & DANIELS, supra note 23, at 39-40 discussing how vested interests will resist rule of law reforms
-
see also TREBILCOCK & DANIELS, supra note 23, at 39-40 (discussing how vested interests will resist rule of law reforms).
-
-
-
-
468
-
-
79959482892
-
-
See Carothers, supra note 21, at 23-24 arguing that case management assistance is a popular program because it is a way to funnel funding into improving the judicial system without challenging the underlying independence or appointment of judges or the relationship of the courts to the social context and asking "if the system has significant unfairness built into it, such as political bias or control, does increasing the speed of cases through the system actually represent a gain for the rule of law?"
-
See Carothers, supra note 21, at 23-24 (arguing that case management assistance is a popular program because it is a way to funnel funding into improving the judicial system without challenging the underlying independence or appointment of judges or the relationship of the courts to the social context and asking "if the system has significant unfairness built into it, such as political bias or control, does increasing the speed of cases through the system actually represent a gain for the rule of law?").
-
-
-
-
469
-
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79959452480
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See DAM, supra note 16, at 19-20
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See DAM, supra note 16, at 19-20.
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-
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470
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79959468080
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See supra note 316 and accompanying text
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See supra note 316 and accompanying text.
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-
-
-
471
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79959484030
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See supra notes 307-08 and accompanying text
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See supra notes 307-08 and accompanying text.
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-
-
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472
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79959467553
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See supra notes 313-15 and accompanying text
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See supra notes 313-15 and accompanying text.
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-
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473
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79959381748
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See supra notes 84-86 and accompanying text
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See supra notes 84-86 and accompanying text.
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-
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474
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79959473506
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See supra notes 81-86, 309-17 and accompanying text
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See supra notes 81-86, 309-17 and accompanying text.
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475
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79959487208
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See supra notes 83-84 and accompanying text
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See supra notes 83-84 and accompanying text.
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476
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See NORTH, supra note 3, at 134 "And because much of human economic history is a story of humans with unequal bargaining strength maximizing their own well-being, it would be amazing if such maximizing activity were not frequently at the expense of others."
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See NORTH, supra note 3, at 134 ("And because much of human economic history is a story of humans with unequal bargaining strength maximizing their own well-being, it would be amazing if such maximizing activity were not frequently at the expense of others.").
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477
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See id. at 16
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See id. at 16.
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478
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See id. at 9 "Subjective percepdons of the actors resulted in choices that were certainly not always opdmal or unidirecdonal toward increased productivity or improved economic welfare however defined."
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See id. at 9 ("[S]ubjective percepdons of the actors resulted in choices that were certainly not always opdmal or unidirecdonal toward increased productivity or improved economic welfare (however defined).").
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479
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79959404506
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See supra Part II. B
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See supra Part II. B.
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480
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79959385757
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See, Univ. of Wis. Law Sch. Legal Studies Research Paper Series, Paper No. 1075, available at, David Trubek and others have initiated a long-term research project entided Law and the New Developmental State LANDS
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See David M. Trubek, Developmental States and the Legal Order: Towards a New Political Economy of Development and Law 8 (Univ. of Wis. Law Sch. Legal Studies Research Paper Series, Paper No. 1075, 2009), available at http://ssrn. com/abstract=1349163. David Trubek and others have initiated a long-term research project entided Law and the New Developmental State (LANDS).
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(2009)
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Trubek, D.M.1
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481
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79959401793
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Law and the new developmental state
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See, last updated Oct. 9, 2009
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See Law and the New Developmental State, UNIV. WISE. LAW SCH., http://www.law.wisc.edu/gls/lands.html (last updated Oct. 9, 2009).
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Univ. Wise. Law Sch.
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482
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NORTH, supra note 3, at 111.
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483
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79959427332
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See supra Part I. A
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See supra Part I. A.
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484
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79959401229
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See supra notes 32-35 and accompanying text
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See supra notes 32-35 and accompanying text.
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485
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79959477148
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See supra notes 28-35 and accompanying text
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See supra notes 28-35 and accompanying text.
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487
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79959419707
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Id
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Id.
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488
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79959448440
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See id. at 5. Escobar's timeline is not infallible; Antony Anghie pointed out to me that the independence movement and accompanying debates in India before World War II arguably contributed to the formulation of this vocabulary
-
See id. at 5. Escobar's timeline is not infallible; Antony Anghie pointed out to me that the independence movement and accompanying debates in India before World War II arguably contributed to the formulation of this vocabulary.
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489
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79959413105
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See, describing the formulation of economic development planning as one part of India's independence
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490
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79959466672
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See ESCOBAR, supra note 334, at 5 "The fact that most people's conditions not only did not improve but deteriorated with the passing of time did not seem to bother most experts."
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See ESCOBAR, supra note 334, at 5 ("The fact that most people's conditions not only did not improve but deteriorated with the passing of time did not seem to bother most experts.").
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491
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79959469757
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For a review of this literature, see ESCOBAR, supra note 334, at 12-14
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For a review of this literature, see ESCOBAR, supra note 334, at 12-14.
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493
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0003984674
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discussing the intellectual and political impact of Europe on nineteenth century Egypt
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TIMOTHY MITCHELL, COLONISING EGYPT (1988) (discussing the intellectual and political impact of Europe on nineteenth century Egypt);
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Mitchell, T.1
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494
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0141505540
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studying colonial and postcolonial Egypt from the nineteenth century to the close of the twentieth century
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TIMOTHY MITCHELL, RULE OF EXPERTS: EGYPT, TECHNO-POLITICS, MODERNITY (2002) (studying colonial and postcolonial Egypt from the nineteenth century to the close of the twentieth century);
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(2002)
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Mitchell, T.1
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495
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33748427114
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describing how anticolonialists and postcolonial scholarship narrated transition from colonialism to postcolonialism as romance and the conceptual limitations such narrative imposes
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DAVID SCOTT, CONSCRIPTS OF MODERNITY: THE TRAGEDY OF COLONIAL ENLIGHTENMENT (2004) (describing how anticolonialists and postcolonial scholarship narrated transition from colonialism to postcolonialism as romance and the conceptual limitations such narrative imposes);
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(2004)
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Scott, D.1
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497
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79959392041
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See Rittich, supra note 13 "So far, deficiencies in the realm of governance are mosdy attributed to national rather than international rules, norms, and institutions."
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See Rittich, supra note 13 ("So far, deficiencies in the realm of governance are mosdy attributed to national rather than international rules, norms, and institutions.").
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498
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79959391446
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See, e.g., Sarfaty, supra note 196, at 647-50
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See, e.g., Sarfaty, supra note 196, at 647-50.
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