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Bringing About Legal and Political Change for Good Governance: Critical Perspectives on Douglass North and New Institutional Economics
Fri, September 26th, 2014
Washington, DC
Over the past four decades, an influential group of economists have pioneered a new school of thinking, known as New Institutional Economics, focused on the role of institutions in economic development. Of these thinkers, Douglass North has been the most important influence in guiding development agencies such as the World Bank to focus on legal and judicial reform rather than technical economic issues. Carnegie hosted a critical reflection on North’s work with Julio Faundez.
The talk will reflect on questions, including:
- How does sustained institutional change occur, and what role does law play in this process?
- Why are formal laws often ineffective?
- Do modern constitutions matter?
- How do culture and ideology affect institutional development?
- What is the relationship between legitimacy and efficiency?
Drawing on his experience in law and governance from Chile, the UK, and around the globe, Faundez shared his insights. Rachel Kleinfeld moderated the discussion.
Julio Faundez
Julio Faundez teaches international economic law at the University of Warwick. Faundez is co-editor in chief of the Hague Journal on the Rule of Law, and editor of the book series Law, Development, and Globalization.
Rachel Kleinfeld
Rachel Kleinfeld is a senior associate in Carnegie’s Democracy and Rule of Law Program, with a focus on issues of security and governance. She is the founder and president emeritus of the Truman National Security Project.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
Event Speakers
Julio Faundez
Rachel Kleinfeld
Senior Fellow, Democracy, Conflict, and Governance Program
Rachel Kleinfeld is a senior fellow in Carnegie’s Democracy, Conflict, and Governance Program, where she focuses on issues of rule of law, security, and governance in democracies experiencing polarization, violence, and other governance problems.