Hoff, Karla; Stiglitz, Joseph E. - In: Economic Journal 118 (2008) 531, pp. 1474-1497
An earlier paper showed that an economy could be trapped in an equilibrium state in which the absence of the rule of law led to asset-stripping and the prevalence of asset-stripping led to the absence of a demand for the rule of law, highlighting a coordination failure. This article looks more...
