Common law and civil law as pro-market adaptations
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- dc.contributor.author Arruñada, Benitoca
- dc.contributor.author Andonova, Veneta Stefanovaca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:01Z
- dc.date.available 2017-07-26T10:50:01Z
- dc.date.issued 2008-06-01
- dc.date.modified 2017-07-23T02:11:57Z
- dc.description.abstract We argue that in the development of the Western legal system, cognitive departures are the main determinant of the optimal degree of judicial rule-making. Judicial discretion, seen here as the main distinguishing feature between both legal systems, is introduced in civil law jurisdictions to protect, rather than to limit, freedom of contract against potential judicial backlash. Such protection was unnecessary in common law countries, where free-market relations enjoyed safer judicial ground mainly due to their relatively gradual evolution, their reliance on practitioners as judges, and the earlier development of institutional checks and balances that supported private property rights. In our framework, differences in costs and benefits associated with self-interest and lack of information require a cognitive failure to be active.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1098
- dc.identifier.citation Washington University Journal of Law & Policy, 26, pp. 81-130, 2008.
- dc.identifier.uri http://hdl.handle.net/10230/697
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1098
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword legal systems
- dc.subject.keyword judiciary
- dc.subject.keyword institutional development
- dc.subject.keyword behavior
- dc.subject.keyword enforcement
- dc.subject.keyword Business Economics and Industrial Organization
- dc.subject.keyword Economic and Business History
- dc.title Common law and civil law as pro-market adaptationsca
- dc.type info:eu-repo/semantics/workingPaper