Solomon's knot [electronic resource] : how law can end the poverty of nations / Robert D. Cooter, Hans-Bernd Schafer.
- Course Book
- Princeton : Princeton University Press, c2012.
- The Kauffman Foundation Series on Innovation and Entrepreneurship
Kauffman Foundation series on innovation and entrepreneurship
1 online resource (343 p.)
- Economic development.
Law and economics.
Law -- Economic aspects.
- Electronic books.
- 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 Schäfer 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 Schäfer 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.
Chapter 1. It's about the Economy
Chapter 2. The Economic Future of the World
Chapter 3. The Double Trust Dilemma of Development
Chapter 4. Make or Take
Chapter 5. The Property Principle for Innovation
Chapter 6 Keeping What You Make-Property Law
Chapter 7 Doing What You Say-Contracts
Chapter 8. Giving Credit to Credit-Finance and Banking
Chapter 9. Financing Secrets-Corporations
Chapter 10. Hold or Fold-Financial Distress
Chapter 11. Termites in the Foundation-Corruption
Chapter 12. Poverty Is Dangerous-Accidents and Liability
Chapter 13. Academic Scribblers and Defunct Economists
Chapter 14. How the Many Overcome the Few
Chapter 15. Legalize Freedom-Conclusion
- Description based upon print version of record.
Includes bibliographical references (p. 299-311) and index.
- Schäfer, Hans-Bernd.
- Publisher Number:
- 10.1515/9781400839681 doi
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