Solomon's knot : how law can end the poverty of nations
Material type:
- 9780691147925
- 343.07 C789s
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PK Kelkar Library, IIT Kanpur | General Stacks | 343.07 C789s (Browse shelf(Opens below)) | Available | GB1840 |
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343.052 L15i8 INCOME-TAX LAW PRACTICE AND PLANNING | 343.052 M474i21 INCOME-TAX | 343.05242 V559t TAX-SAVING METHODS FOR SALARIED PEOPLE | 343.07 C789s Solomon's knot | 343.0710954 SI64L LAW OF CONSUMER PROTECTION IN INDIA | 343.0721 Ox2 The Oxford handbook of international antitrust economics [v.2] | 343.0721 Ox2 The Oxford handbook of international antitrust economics [v.1] |
Sustained growth depends on innovation, whether it's cutting-edge software from Silicon Valley, an improved assembly line in Sichuan, or a new export market for Swaziland's leather. Developing a new idea requires money, which poses a problem of trust. The innovator must trust the investor with his idea and the investor must trust the innovator with her money. Robert Cooter and Hans-Bernd Schafer call this the "double trust dilemma of development." Nowhere is this problem more acute than in poorer nations, where the failure to solve it results in stagnant economies. In Solomon's Knot, Cooter and Schafer propose a legal theory of economic growth that details how effective property, contract, and business laws help to unite capital and ideas. They also demonstrate why ineffective private and business laws are the root cause of the poverty of nations in today's world. Without the legal institutions that allow innovation and entrepreneurship to thrive, other attempts to spur economic growth are destined to fail.
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