Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World
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Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to the legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines contemporary corporate governance crises in six countries.Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Harvard Law Review "The title of Law & Capitalism, a remarkable new book . . . might seem to suggest that Millhaupt and Pistor are adding their voices to the choir. If this is what one were expecting, however, that expectation would quickly be dashed. Nearly every page of Law & Capitalism stands in implicit or explicit dissent from the prevailing view."— David A. Skeel, Jr.
Preface ixIntroduction 1Part I From Weber to the World Bank, and Beyond1 The Prevailing View: Impact, Assumptions, and Problems 172 Rethinking the Relation between Legal and Economic Development 27Part II Institutional Autopsies3 The Enron Scandal: Legal Reform and Investor Protection in the United States 474 The Mannesmann Executive Compensation Trial in Germany 695 The Livedoor Bid and Hostile Takeovers in Japan: Postwar Law and Capitalism at the Crossroads 876 Law, Growth, and Reform in Korea: The SK Episode 1097 The China Aviation Oil Episode: Law and Development in China and Singapore 1258 “Renationalizing” Yukos: Law and Control over Natural Resources in the Russian Economy 149Part III Implications and Extensions9 Understanding Legal Systems 17310 Legal Change 19711 Conclusion 219Notes 225References 249Index 263
