Law and Finance: Understanding Roman Law?
The Law and Finance analytical approach, also known as the Legal Origins Theory, blames Roman law for creating worse conditions for economic growth than common law systems. Civil law is described, contrary to common law, as a legal system in which the country’s corporate law or commercial code originates in Roman law. To understand the differences amongst the emanations, i.e. the plurality of legal solutions and regulations within the civil law tradition, one has to be aware of their origins. It is necessary to perceive and understand the spirit of Roman law, which is a ‘Roman law in action’ – the Roman legal experience. Critics of the Legal Origins Theory stress the need for more experts in Roman law across society. There is a continuous need for in-depth knowledge of Roman law. As a subject, basic Roman law should be accessible to all and not only to lawyers, including economists, sociologists, historians, social philosophers, specialists in cultural studies, etc... It is not sufficient to have a limited group of experts, but rather to have independent centers for Roman legal studies. Roman law is not only a part of legal history, but is present in our legal systems due to their legal tradition. Further, its presence is also due to the reasonableness and economic utility of Roman law.

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