Legal.ppt

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Legal.ppt

  1. 1. Legal Systems and Economic Growth By Vadym Cemmasson and Dariane Dank
  2. 2. Legal Systems <ul><li>Three major legal systems </li></ul><ul><li>Civil Law (France, Germany, Italy, Brazil, Mexico, Russia) (80) </li></ul><ul><li>Common Law (GB, USA (-Louisiana), Canada (- Quebec), Australia) (23) </li></ul><ul><li>Religious Law (Afghanistan, Saudi Arabia, Maldives Islands) (4) </li></ul>
  3. 3. Legal Systems
  4. 4. Legal Systems <ul><li>Civil Law </li></ul><ul><li>The oldest and most widespread system of law in the world </li></ul><ul><li>Based on Roman law especially Corpus Juris Civilis (“Body of Civil Law”) -> compiled to the code under the Byzantine Emperor Justinian </li></ul><ul><li>Prominent example: Code Civil is the French Law Code established by Napoléon Bonaparte (Code Napoléon) </li></ul><ul><li>Civil law is interpreted by judges rather than developed or made by them </li></ul>
  5. 5. Legal Systems <ul><li>Common Law </li></ul><ul><li>System of law whose sources are the decisions in cases by judges </li></ul><ul><li>Legislature passes new laws and statutes -> do not amend a collected and codified body of law </li></ul><ul><li>Developed in England and influenced by the Norman conquest of England (William the Conqueror) </li></ul><ul><li>Inherited by the Commonwealth of Nations (adopted by almost every former British colony) </li></ul><ul><li>Magna Carta -> fundamental document (limited on the power of the English Kings) </li></ul><ul><li>Stare decisis -> major difference to civil law system </li></ul>
  6. 6. Legal Systems <ul><li>Religious Law </li></ul><ul><li>Refers to the notion of a religious system or document being used as a legal source </li></ul><ul><li>The use of Jewish Halakah for public law -> precluding amendment through legislative acts of government or development through judicial precedent </li></ul><ul><li>Christian Canon law is more similar to civil law </li></ul><ul><li>Islamic Sharia law is based on legal precedent and reasoning by analogy </li></ul>
  7. 7. Legal Systems <ul><li>Pluralistic Law </li></ul><ul><li>Civil law and common law (Israel, Philippines) </li></ul><ul><li>Civil law and religious law (Iraq, Iran, Egypt) </li></ul><ul><li>Common law and religious law (India, Bangladesh) </li></ul>
  8. 8. Legal Systems <ul><li>Comparative Law </li></ul><ul><li>The study of differences and similarities between the law in </li></ul><ul><li>different countries. </li></ul><ul><li>Separate branches of comparative law: </li></ul><ul><li>Constitutional law </li></ul><ul><li>Administrative law </li></ul><ul><li>Civil law </li></ul><ul><li>Commercial law </li></ul><ul><li>Criminal law </li></ul>
  9. 9. Legal Systems <ul><li>International Law </li></ul><ul><li>The system of implicit and explicit agreements that bind </li></ul><ul><li>together nation-states in adherence to recognized values </li></ul><ul><li>and standards. </li></ul><ul><li>It primarily concerns states rather than private citizens </li></ul><ul><li>Public international law </li></ul><ul><li>Private international law </li></ul><ul><li>Supranational law </li></ul>
  10. 10. Legal Systems World distribution
  11. 11. Economic Growth <ul><ul><li>Common law countries tend to protect investors (directly) more than civil law countries </li></ul></ul><ul><ul><li>(shareholders value) </li></ul></ul><ul><ul><li>Civil law countries => adaptive protection mechanisms (indirect protection f.e. different accounting standards) </li></ul></ul><ul><ul><li>(stakeholder value) </li></ul></ul><ul><ul><li>„ Law and Finance“,La Porta, Shleifer; Harvard University </li></ul></ul>
  12. 12. Average GNI <ul><li>Gross National Income (GNI) comprises the total value produced within a country (i.e. its Gross Domestic Product ), together with its income received from other countries (notably interest and dividends ), less similar payments made to other countries. </li></ul><ul><li>Legal Systems with civil law components: 6 449 </li></ul><ul><li>Legal systems with common law components: 7 150 </li></ul><ul><li>Legal systems with civil law and common law components: 11 948 </li></ul>
  13. 13. Thank you for your attention!

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