Asia's Legal Systems in the Wake of the Financial Crisis: Can the Rule of Law Carry Any of the Weight?

29 Pages Posted: 17 Jul 2006

Date Written: December 2005

Abstract

The financial crisis that swept East and Southeast Asia in the late 1990s triggered calls for institutional reforms throughout the region, including reforms to national legal systems. Many of the reforms being called for can be fairly described as neo-liberal, meaning that they conform to a general policy stance in favor of free markets, free trade, and small, constrained government. This paper, prepared for a conference sponsored by the United Nations Research Institute for Social Development, explores the increasingly important law reform plank of the neo-liberal reform agenda. The rule of law has become the overarching concept explaining and legitimating neo-liberal law reforms, yet this paper argues that thin neo-liberal rule of law provides little useful guidance to those who face the task of reforming East and Southeast Asia's actual legal systems.

Keywords: Law and economic development, law reform, East Asia, international financial institutions, rule of law

JEL Classification: K40, N40, N45, O17, O19, K22, K23

Suggested Citation

Ohnesorge, John Karl Murat, Asia's Legal Systems in the Wake of the Financial Crisis: Can the Rule of Law Carry Any of the Weight? (December 2005). University of Wisconsin Legal Studies Research Paper No. 1010, Available at SSRN: https://ssrn.com/abstract=871224 or http://dx.doi.org/10.2139/ssrn.871224

John Karl Murat Ohnesorge (Contact Author)

University of Wisconsin Law School ( email )

975 Bascom Mall
Madison, WI 53706
United States
608-263-7603 (Phone)

HOME PAGE: http://law.wisc.edu/profiles/john.ohnesorge@wisc.edu

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