By using data for 45 countries, for a time span between 2009 and 2014, the present paper supports the thesis of a positive and significant correlation between the rule of law and capital market development. In order to achieve this goal, the Rule of Law variable reported by Worldwide Governance Indicators is considered. The relationship remains robust even if control variables such as other legal system variables, including protection of minority investors, enforcing contracts or strength of legal rights of borrowers and lenders as well as initial levels of market development, economic growth, market liquidity, domestic credit to private sector and foreign direct investments are considered.
The aim of the present paper is to put together, point out and underline the core characteristics of a generalized concept of productivity built on a heterodox outlook. The analysis is conducted under the assumption that the developing knowledge in nowadays society and the concern for basing the economy on it require a reviewed approach on productivity. Relevant moments from the economic thought and literature are invoked(certain approaches on productivity from the most representative Romanian economic thought here included); the research finds reason and main conceptual grounds in the genuine liberalism and in the service economy, by a critical view on the concern for productivity growth as commonly seen and calculated. The paper also aims to bring to the current attention some pioneer work, less known but very important for the productivity mark. The paper develops the service stake as defining value creation and reveals the most important differences between common productivity (usually calculated productivity) and the new approach that takes into account the generalized service approach consistent with nowadays society. This paper is a theoretical presentation designed to serve as an improved context for reconsidering the researches focused on – or connected with – productivity.
The paper deals with a critical debate regarding the common conception on human needs and on their fulfilment through the concern for productivity and growth. It starts from the most common way of perceiving (and, implicitly, of developing) the economy, which is reappraised on the grounds of genuine liberalism; several routine approaches in economics and most common concerns in the economy are put under question. The debate brings conclusions related to a widened area of issues concerning the assessment of economic activities and core educational recommendations, implying interventionism focused on developing responsibility on the very long term.
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