1. Drastically changing the legal family from common law to civil law won’t work. Still, the World bank and many NGAs insist that countries should introduce Common Law elements to their legal systems. Why? If so what do you think are those critical elements from this law family that would be most useful to countries that have Civil Law origins in terms of economic efficiency.
2. Economist keep saying that the quality of institutions is important for economic growth, but when you look at countries all around you, it is unclear what economists mean by “quality institutions”. China, a very corrupt country, with autocratic political system is among the fastest growing countries in the world. Isn’t this country growing in spite of it’s lousy institutions? Are economist wrong? Why?