English, Article, Journal or magazine article edition: Common Law and Civil Law as Pro-Market Adaptations Benito Arruñada; Veneta Andonova

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Bookmark: http://trove.nla.gov.au/version/153492
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Common Law and Civil Law as Pro-Market Adaptations
Author
  • Benito Arruñada
  • Veneta Andonova
Physical Description
  • preprint
Notes
  • We argue that in the development of the Western legal system, cognitive departures are the main determinant of the optimal degree of judicial rule-making. Judicial discretion, seen here as the main distinguishing feature between both legal systems, is introduced in civil law jurisdictions to protect, rather than to limit, freedom of contract against potential judicial backlash. Such protection was unnecessary in common law countries, where free-market relations enjoyed safer judicial ground mainly due to their relatively gradual evolution, their reliance on practitioners as judges, and the earlier development of institutional checks and balances that supported private property rights. In our framework, differences in costs and benefits associated with self-interest and lack of information require a cognitive failure to be active.
  • Legal systems, judiciary, institutional development, behavior, enforcement
  • RePEc:upf:upfgen:1098
Language
  • English
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