On Rule of Law Rhetoric, Economic Development, and Northeast Asia

Abstract:     
The 1990s saw a remarkable revival of the term "Rule of Law" on the international stage, lead by the international financial institutions - the World Bank, the International Monetary Fund, the Asian Development Bank. etc. - by the aid and development arms of the American government and the European Union, and to a lesser extent by non-governmental organizations. This paper begins with a short discussion of Rule of Law rhetoric in American law and politics, then discusses the international Rule of Law renaissance, focusing on the particular roles that Rule of Law rhetoric plays in the literature on law and economic development. This is followed by an exploration of to what extent economic development in Northeast Asia conformed to the claims of this new "Law and Development" literature. Finally, the paper examines how the Rule of Law rhetoric has evolved in the last few years.

Number of Pages in PDF File: 13

Keywords: rule of law, law and development, East Asian law, international financial institutions, comparative law

JEL Classification: O19, O53

working papers series