Economic Growth, Markets and the Rule of Law: Brief Considerations on the Brazilian Case

The existence of markets that operate smoothly is an important factor influencing a nation's economic growth. Furthermore, an effective judicial system is a necessary condition for markets to function well. Therefore, it is reasonable to expect a positive relationship to exist between income pe...

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Bibliographic Details
Published in:BBR Brazilian business review (Portuguese ed.) 2021-03, Vol.18 (2), p.196-216
Main Author: Cunha, Alexandre B
Format: Article
Language:eng ; por
Subjects:
20th century
Civil law
Costs
Economic activity
Economic aspects
Economic growth
Free markets
growth
MANAGEMENT
markets
Per capita
per capita income
Rule of law
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Summary:The existence of markets that operate smoothly is an important factor influencing a nation's economic growth. Furthermore, an effective judicial system is a necessary condition for markets to function well. Therefore, it is reasonable to expect a positive relationship to exist between income per capita and adhesion to the rule of law. This conjecture is corroborated here in a sample of 110 countries in 2016. Additionally, the data show that the rule of law is relatively weak in Brazil, suggesting that an improvement of the Brazilian judicial system is a potential growth-enhancing reform.
ISSN:1808-2386
1807-734X
1808-2386
1807-734X
DOI:10.15728/bbr.2021.18.2.5