Economic Development Before the Law

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Given the complexity of institutional reform, striving for what appears to be optimal for economic growth might not always be the best approach. To obtain sustainable results, policymakers need to accept that sometimes “good enough is enough.”

One of the most pervasive and apparently self-evident assumptions of development economics is that sustainable investment and growth requires the rule of law. Without impersonal, general norms and their enforcement by independent judicial authorities, according to this view, little development, if any, is possible, because the risks facing both labor and capital – including corruption, arbitrariness, and rigid traditions – will be too high. But is this conventional wisdom always right?

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