Law and Capitalism
Law and Capitalism What Corporate Crises Reveal about Legal Systems and Economic Development around the World
CURTIS J. MILHAUPT KATHARINA PISTOR
The University of Chicago Press Chicago and London Curtis J. Milhaupt is the Fuyo Professor of Law and director of the Center for Japanese Legal Studies at Columbia Law School. A leading authority on the Japanese legal system and a frequent contributor to comparative corporate governance debates, Milhaupt’s research and publications span a wide range of subjects at the intersection of legal institutions and economic organizations and development. Recent books (with coauthors) include Economic Organizations and Corporate Governance in Japan (Oxford University Press, 2004) and Transforming Corporate Governance in East Asia (forthcoming, Routledge, 2008). Katharina Pistor is professor of law at Columbia Law School. She specializes in comparative legal systems and corporate governance in emerging markets. Pistor has published widely on privatization, corporate governance, and law in Russia and Eastern Europe and has contributed to the debate on the relation between and law and economic development and legal transplants in such journals as the American Journal of Comparative Law, the American Review of Law and Economics, The Journal of Comparative Economics,andtheEuropean Economic Review. She is coauthor of The Role of Law and Legal Institutions in Asian Economic Development (Oxford University Press, 1999).
The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2008 by The University of Chicago All rights reserved. Published 2008 Printed in the United States of America
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ISBN-13: 978–0-226-52527–3 (cloth) ISBN-10: 0–226-52527–9 (cloth)
Library of Congress Cataloging-in-Publication Data
Milhaupt, Curtis J., 1962– Law and capitalism : what corporate crises reveal about legal systems and economic development around the word / Curtis J. Milhaupt, Katharina Pistor. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-226-52527-3 (cloth : alk. paper) ISBN-10: 0-226-52527-9 (cloth : alk. paper) 1. Law and economics. 2. Corporate governance—Law and legislation. 3. Industrial laws and legislation. 4. Law—Political aspects. 5. Capitalism—Moral and ethical aspects. 6. Industrial organization (Economic theory) I. Pistor, Katharina. II. Title. K487.E3M55 2008 340 .11—dc22 2007035753