Legal Practice and Economic Adaptation
Posted: 14 Jul 1997
Date Written: May 1997
Abstract
Common Law, as practiced around the world, permits what it doesn't prohibit. Compared to Roman Law practice, which prohibits what it doesn't permit, the Common Law makes economic innovation easy. Easy economic innovation, in turn, promotes rapid economic adaptation -- broad technological improvements in goods, services, and processes. Since faster economic adaptation rates in Common Law countries stem from the Common Law's prior permission, Roman Law countries could raise their economic adaptation rates by adopting a similar stance.
JEL Classification: K00, O38
Suggested Citation: Suggested Citation
White, Mark, Legal Practice and Economic Adaptation (May 1997). Available at SSRN: https://ssrn.com/abstract=10511
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