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Fall 1999

ISSN 0890-913X

Volume 15, Number 1

Categories: Fall 1999 | Law

Polycentric Law Versus Monopolized Law : Implications from International Trade for the Potential Success of Emerging Markets

Bruce L. Benson , Florida State University

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PolycentricLawVersusMonopolizedLaw:ImplicationsfromInternationalTradeforthePotentialSuccessofEmergingMarketsBruceL.BensonFloridaStateUniversityTheemergenceofmarketeconomiesinpartsofEasternEurope,Asia,andelsewhereclearlyisnotoccurringasrapidlyasmanydomesticpoliticiansandforeignobserverswouldlike.WhileAexperts@pointtomanyfactors,agrowingnumberofpolitical,economic,andlegalconsultantsandacademicsrecognizethattheslowpaceofdevelopmentisafunctionoftheinstitutionalenvironment.Inparticular,thelegalsystemsinthesecountriesoftendonoteffectivelysupportprivatepropertyrightsorenforcecontracts.Thus,manyoftheseconsultantsandacademicscontendthatstatesmuststepuptheireffortstoestablishcommerciallaw.InwritingaboutlawinthenewlyindependentcountriesoftheformerSovietUnion,forinstance,Ioffe(1996)maintainsthatAlegislativeactivitiesintherealmofcivillawmustnowbecomprehensive.Suchanecessityresultsnotonlyfromtheemergenceofgapsinthelaw,butalsofromtherestructuringoftheformerSovieteconomywhichrequiresnewlegalregulation,@andlaterthatAThecodificationwhichwillbeimplementedintheindependentstatesmustleadtothedevelopmentoftwocodesCcivilandcommercial....Butthecommercialcode,nottakenliterally,mustencompassallformsofeconomicactivity,bothinproductionandtrade.@Argumentssuchasthesereflectthewidespreadbeliefthatlawmustbemonopolizedinordertocreateasinglecentralizedlegalsystemwithinalargegeographicjurisdiction.LandesandPosner(1979)putthecaseasclearlyasany:Atherewouldappeartobetremendouseconomiesofstandardizationin[law],akintothosethathavegivenusstandarddimensionsforelectricalsocketsandrailroadgauges.Whilemanyindustrieshaveachievedstandardizationwithoutmonopoly,itisunclearhowtherequisitestandardizationofcommonalitycouldbeachievedinthe[law]withoutasinglesourcefor[law]Cwithout,thatis

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Title	Polycentric Law Versus Monopolized Law : Implications from International Trade for the Potential Success of Emerging Markets
Authors/Creators:	Bruce L. Benson , Florida State University
Year:	1999
Volume:	15
Number:	1
Pages:	36 - 66
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Polycentric Law, Customary Law, Market economy, Trade, Commercial Law, Arbitration, Contracts, Private ownership, Economic policy

Citation:
Benson, Bruce L. / 1999. "Polycentric Law Versus Monopolized Law : Implications from International Trade for the Potential Success of Emerging Markets." The Journal of Private Enterprise, 15(1): 36-66.