Glenn Reynolds has a great Op-Ed in today’s Washington Examiner. His premise is that if you need a lawyer to figure out how to operate in a country’s economic environment, in all likelihood, the country will have limited economic upside. He cites Greece and the number of lawyers per capita and the 19th centry laws still on the books there.
I would extend this further to say this leads to black markets operating outside the legal and tax systems affording the participants therein with no protection from the very laws and regulations of the political establishment. It sets up the classic legal conundrum: how to I get my government/legal system to help me resolve an illegal contract?
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