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Legal Entrepreneurship within Alternative Systems of Political Economy

33 Pages Posted: 2 Sep 2012  

Shruti Rajagopalan

Department of Economics, SUNY Purchase College; Classical Liberal Institute, NYU School of Law

Richard E. Wagner

George Mason University - Department of Economics

Date Written: August 31, 2012

Abstract

Entrepreneurship is present in all economic systems. It is the source of change in society. While entrepreneurship is ubiquitous, its particular qualities depend on the system of political economy in which it occurs. A system of political economy can be conceptualized as entailing interaction among market, political, and legal sub-systems. This paper focuses on legal entrepreneurship, recognizing that the three sub-systems are interdependent. As a formal matter, all entrepreneurship is activated by a search for gain. As a substantive matter, the content of entrepreneurial action will differ depending on the system of political economy in which it occurs. This paper compares the substantive qualities of legal entrepreneurship in common law tradition within systems of liberal democracy and social democracy.

Keywords: entrepreneurship, legal framework of economic order, ORDO liberalism, common law efficiency, entangled political economy

JEL Classification: D72, K40, P16, P51

Suggested Citation

Rajagopalan, Shruti and Wagner, Richard E., Legal Entrepreneurship within Alternative Systems of Political Economy (August 31, 2012). GMU Working Paper in Economics No. 12-38. Available at SSRN: https://ssrn.com/abstract=2139397 or http://dx.doi.org/10.2139/ssrn.2139397

Shruti Rajagopalan

Department of Economics, SUNY Purchase College ( email )

735 Anderson Hill Road
Purchase, NY 10577
United States

Classical Liberal Institute, NYU School of Law ( email )

40 Washington Square South
New York, NY 10012-1099
United States

Richard E. Wagner (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
334 Enterprise Hall
Fairfax, VA 22030
United States
(703) 993-1132 (Phone)

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