Development was long seen as a function of economics and engineering. … For development to be truly sustained, however, it has to be a comprehensive process in which all disciplines and professions fully participate. Law, in particular, as the formal instrument of orderly change in society, plays a pivotal role, even though this role has not always been readily recognised.
READ:
Essential readings for seminars II (Law and Development) and IV (Law Reform: Role of IFIs)
AND ‘Order in the jungle: The rule of law has become a big idea in economics. But it has had its difficulties’, The Economist (2008)
Development was long seen as a function of economics and engineering. … For development to be truly sustained, however, it has to be a comprehensive process in which all disciplines and professions fully participate. Law, in particular, as the formal instrument of orderly change in society, plays a pivotal role, even though this role has not always been readily recognised.
Please write a 1,500 words essay critically discussing this statement in light of development theories and development policies sponsored by International Financial Institutions.
In your answer you can discuss, among others, the following issues:
– The concept of the ‘rule of law’ and its relevance for economic growth and development
– The relationship between the ‘rule of law’ and the economic growth records of particular countries
– IFIs’ changing attitude towards the relevance of the legal system for economic growth and development