Krever, Tor --- "The rule of law and the rise of capitalism" [2018] ELECD 610; in May, Christopher; Winchester, Adam (eds), "Handbook on the Rule of Law" (Edward Elgar Publishing, 2018) 184

Book Title: Handbook on the Rule of Law

Editor(s): May, Christopher; Winchester, Adam

Publisher: Edward Elgar Publishing

ISBN: 9781786432438

Section: Chapter 11

Section Title: The rule of law and the rise of capitalism

Author(s): Krever, Tor

Number of pages: 17

Abstract/Description:

This chapter considers the relationship between the rule of law and the rise of capitalism, tracing the development and insights of two prominent theoretical traditions. One tradition is rooted in the social theory of Max Weber and his work on legal rationality as a prerequisite for capitalist markets. This neo-Weberian tradition, the chapter argues, encompasses the modernization theories of Talcott Parsons and the Law and Development movement, as well as contemporary theories of ‘good governance’ now dominant in the major international financial institutions. The other tradition discussed in the chapter is associated with the work of Karl Marx and his insights on law and its roots in capitalist social relations. The chapter identifies two prominent strands within this tradition, one emphasizing class struggle in the shaping of a capitalist rule of law, and the other tracing the very legal form itself to the rise of capitalism.