Law and Economic Development

This book is a major stocktaking of law and economics in the context of developing and emerging economies, and in the light of the dramatic changes in the global economy that we have witnessed in recent years. The rise of artificial intelligence, digital technology, and mega platforms that collect data and facilitate trade is changing the landscape of economics. Rapid globalization has created new challenges for law and regulation, since increasingly contentious cases arise which span multiple countries and several legal jurisdictions. All these changes are giving rise to new problems in developing countries where many people lead precarious lives anyway, healthcare is minimal, and corruption widespread. Alongside these global developments, the discipline of law and economics is also undergoing profound changes, making us re-think some of the founding assumptions of the subject. Kaushik Basu is Professor of Economics and the Carl Marks Professor of International Studies in the Economics Department and the SC Johnson College of Business, Cornell University, USA. From 2012 to 2016 he was Chief Economist of the World Bank. Prior to that, from 2009 to 2012, he was Chief Economic Advisor to the Government of India. Educated at St. Stephen’s College, Delhi, and the London School of Economics, Basu has published extensively in development economics, game theory, welfare economics and industrial organization. His recent books include The Republic of Beliefs: A New Approach to Law and Economics (published in 2018) and Policymaker’s Journal: From New Delhi to Washington, D.C. (published in 2021). Ajit Mishra teaches at the University of Bath, UK. Educated at the Delhi School of Economics, he has been actively engaged in research and lecturing in development economics, public economics, and economic theory. He has taught at various institutions in India and the UK. He served as the Director of the Institute of Economic Growth, India. Besides papers in leading journals, he has edited two books: Economics of Corruption and Markets, Governance and Institutions. He is an Associate Editor of the Journal of Economic Behavior and Organization.