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General Theory of Law and Development

63 Pages Posted: 14 Apr 2017  

Yong-Shik Lee

The Law and Development Institute

Date Written: November 18, 2017

Abstract

Although scholarship in law and development which explores the relationship between law and social and economic progress has evolved over the last four decades, this area of inquiry remains unfamiliar to many legal scholars, lawyers, and policy makers. Scholars have not yet been able to develop a theory that systematically explains the interrelationship between law and development, which would establish law and development as a robust and coherent academic field. This article attempts to fill this gap by presenting a general theory that defines the disciplinary parameters of law and development, and explains the mechanisms by which law impacts development. This article also demonstrates the validity of this general theory by applying it to an empirical case and also by explaining the development process of South Korea (1962–1996) under its analytical framework. The concept of development, which has traditionally been associated with developing countries, may also be extended to address economic problems in developed countries today. Development in developed countries has led to significant political consequences, such as the unexpected outcome of the United States’ 2016 presidential election and Britain’s referendum to exit the European Union.

Keywords: Law and Development, General Theory, Economic and Social Development, Law Reform, LFIs (law, legal frameworks, and institutions)

JEL Classification: K40, F63

Suggested Citation

Lee, Yong-Shik, General Theory of Law and Development (November 18, 2017). Cornell International Law Journal, Vol. 50, No. 3, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2951317

Y.S. Lee (Contact Author)

The Law and Development Institute ( email )

United States

HOME PAGE: http://www.lawanddevelopment.net

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