Publisher's Synopsis
An exciting collection from the truly interdisciplinary academic field known as 'law and economics'. As is well known, economic development in India has been phenomenal since the early 1990s, when began the period of liberalization and globalization. The editors of this volume contend that India is one of the few large developing countries where the law in action, adjudicated by judges and enforced by the state, plays a crucial and increasingly important role, despite certain well-known shortcomings. The increasing complexity of the economy as also growing connectivity with trade and financial networks worldwide have led to more and more 'anonymous transactions'. In the circumstances it becomes necessary to make the law stronger, more relevant, responsive, and functional. Some of the essays in this book focus exclusively on India. However, all of the wide range of issues covered is of particular interest to the country. The issues include financial institutions and the importance of regulation, the 'double trust' dilemma, regulatory gaps, accident law and environmental problems, social cost minimization and the negligence rule, the low compliance trap and corruption, the new patents regime and its impact on innovation, and the judiciary's role in the efficient enforcement of law.
