Legal Woes Tangle Indian Growth  

Oleh:

Sanyal, Sanjeev

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Far Eastern Economic Review vol. 170 no. 01 (2007), page 45-48.
Topik: Legal reform; Economic impact; Judiciary; Changes; Economic growth

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: FF21.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Of India's "second generation reforms," none is more crucial than reform of the legal system. The cumulative impact of 15 years of slow and patchy reform has brought India a long way. However, outdated and inefficient practices still pervade and more changes are sorely needed in order for India to continue on its current growth trajectory. There are two reasons policy makers should prioritize legal reform. First, a functioning market-based economy demands a rational set of rules and the enforcement of contracts. Secondly, India's legal system can itself be an agent of change since it belongs firmly to the English common law tradition. In common-law tradition each judgment creates precedent that can be used in future cases, effectively creating a new law. Thus, the legal infrastructure itself can be an active agent of change - a role often ignored by economists who see the legal system as blind and passive enforcement of a static body of rules.

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