Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
20th Edition
ISBN: 9780134531984
Author: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
Publisher: PEARSON
Question
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Chapter 4, Problem 1DQ
To determine

The systems of different countries.

Expert Solution & Answer
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Explanation of Solution

The different legal systems in different countries are as follows:

Common Law Nations Civil Law Nations
Australia Sweden
Canada Egypt
India France
New Zealand Greece
Israel Italy
United Kingdom Mexico
United States Brazil
Table (1)

There is a limited role of the government in the common law system. But in civil law system, the main focus is on a strong centralized government. For economic growth, the common law system is more favorable. But it cannot be said that only common law countries are prosperous and civil law countries are not. Suppose, for example some of the European countries follow the system of civil law and are developed countries as well.

An additional factor that determines the economic growth of a country is its political stability. Political stability is a prerequisite for economic growth as it brings certainty regarding the economic policies of the government.

The rule of law is an important factor responsible for the economic growth in a country, irrespective of the common law or civil law followed in that country. If the laws are not implemented properly,then it will adversely affect the economic growth of the country.

Economics Concept Introduction

Concept introduction:

Economic growth:

Aneconomy is said to be growing when there is an increase in the production of goods and services per individual, over a time period.

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Chapter 4 Solutions

Economics of Public Issues (20th Edition) (The Pearson Series in Economics)

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