Abstract
In the 1970s, a commentator on the role of law in the development process deplored the neglect of law in development circles.1 This situation has certainly changed in recent years, and it is now well accepted that an appropriate legal and regulatory framework, including functioning institutions, is a prerequisite for sustainable development.2 This change is mainly due to the desire of many countries to institute structural changes in their economies to achieve better economic performance, the increasing focus on private sector development and better public sector management, and the transformation of formerly centrally planned economies. Gradually, reform activities have expanded from the macroeconomic areas to encompass sectoral and institutional issues. In this process, it has been realized that the reforms “cannot be effective in the absence of a system which translates them into workable rules and makes sure they are complied with.”3
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