Law, Market, and Marketization

Abstract

Marketization is a process occurring in many transitional economies as countries seek to adjust their legal systems to facilitate broader market participation while expanding global trade. This essay sets out one way of understanding this process by focusing on the relationship among, law, markets, and marketization. It identifies and explains basic legal requirements for marketization and links these to a need to transform legal thinking by integrating a greater understanding of economics into both law and public policy.

Keywords: law and economics, markets, marketization, rule of law, property

JEL Classification: law and economics, law and markets, rule of law, property