Different laws reflect a country’s unique culture and can hinder or stimulate innovation

Summary: Laws in developing countries generally reflect their unique cultures, which may restrict innovation and risk-taking, throwing obstacles in the path to development. Strong legal mechanisms, including intellectual property rights and patent protection, allow innovation to thrive. More than elsewhere in Asia, Southeast Asian countries emphasize the economic value of intellectual property rights on patents, but enforcement varies and so does their attraction for investors. Douglas Cumming of the Schulich School of Business in York University and Sofia Johan of the Tilburg Law and Economics Centre of the University of Tilburg discuss the relationship between law and culture on innovation. Read the transcript https://bit.ly/2RQL4DS Read the working paper https://www.adb.org/publications/law-culture-and-innovation About the authors Douglas Cumming is a professor and Ontario research chair of the Schulich School of Business, York University, Canada. Sofia Johan is an extramural research fellow of the Tilburg Law and Economics Centre, University of Tilburg, The Netherlands. Know more about ADBI’s work https://bit.ly/2B3x7N2 https://bit.ly/2RRNIcl