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Abstract The legal origins of a state do influence significantly its economic growth. The current work verifies that countries whose legal framework is based on common law tend to have better economic results compared to countries based on civil law. It investigates the role of an effective regulatory framework in promoting economic growth and development in recent years. Regulation can have potentially significant macroeconomic consequences by helping or hampering the dynamics of economic restructuring and resource reallocation that characterize the growth process. Achieving good regulatory outcomes is almost always a co-operative effort: by the government, regulators, the regulated, and the broader community. In the European Union, the drivers to initiate better regulation strategies, varied from country to country. Nevertheless, economic growth, competitiveness and the needs of businesses have been the prominent reasons for engaging in better regulation policies. This paper has concluded that countries which have actively reformed their legal systems focusing on quality standards succeed in the creation of a solid social and economic environment.
Sotiris Karkalakos (Sat,) studied this question.