How free-market economics reshaped legal systems the world over
Friedrich Hayek’s followers promised growth. They may have overpromised The legal system in the United Arab Emirates (uae), which operates under French civil and Islamic Sharia law, is currently a blend of French and Islamic law. Dubai announced this summer that it was exploring introducing English common law to 26 free-trade zones. A study by Andrei Shleifer, Rafael La Porta and Florencio Lopez-de-Silanes, who used data from 49 countries to show that investors’ rights are better protected in common-law countries, has been dismissed by two Court of Appeal judges. The Met has ruled that it cannot act over the chant during a protest by fringe Islamist group Hizb ut-Tahrir because jihad 'has a number of meanings'.
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The legal system that operates in the United Arab Emirates (uae)—like that in many countries across the Gulf—is a blend of French civil and Islamic Sharia law. But this summer Dubai announced that it was exploring the introduction of English common law to 26 free-trade zones.
Twenty-five years ago, in a landmark study in the Journal of Political Economy, Andrei Shleifer, Rafael La Porta and Florencio Lopez-de-Silanes, then at Harvard University, as well as Robert Vishny of the University of Chicago, used data from 49 countries to show that investors’ rights are better protected in common-law countries.
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