LAW AND DEVELOPMENT

The course aims to provide students with an advanced understanding of the role of law and public policies in economic development processes, with particular attention to the interactions between legal institutions, markets, and objectives of inclusive and sustainable growth. Through an interdisciplinary approach, the course examines how rules, contracts, property rights, forms of public and private governance, and soft law instruments affect the ability of economic systems to attract investment, allocate resources, and address global challenges such as climate change and digital transformation. The objective is to develop critical analytical skills for assessing legal institutions as levers of development and for evaluating economic and regulatory policies across different institutional contexts.

A basic knowledge of the main concepts of public and private law is required, together with fundamental notions of political economy and market functioning. A preliminary familiarity with public institutions, firms, and contracts is also desirable. Students are expected to be able to read and discuss legal and policy texts in English.

By the end of the course, students will be able to understand and explain the role of law as an infrastructure for economic development, distinguishing between different institutional models and regulatory approaches. They will be able to critically analyze the impact of legal rules on markets, firms, and public policies, assessing the contribution of instruments such as contracts, property rights, enforcement mechanisms, and soft law to objectives of growth, inclusion, and sustainability. Students will also acquire analytical skills useful for interpreting case studies and development policies.

The course examines the relationship between law and sustainable development through the interactions among public institutions, markets and private organizations. Following an introduction to Law and Development and to public- and private-law tools, the course addresses outcome contracts, Public-Private-Community Partnerships, corporate governance and corporate purpose, the corporation as a commons, dual-purpose enterprises, stewardship and steward-ownership, and the European sustainable-finance framework. The second part analyses public intervention in the economy and the green transition, focusing on EU climate law, carbon markets, climate liability, the circular economy, green public procurement, State aid, EU funding and investment law. Theoretical lectures are combined with group presentations, discussion and case analysis.

Reference materials include the academic articles, book chapters, legal sources and policy documents listed in the extended programme. Core readings include: M.M. Prado, “What is Law & Development?” (2010); C. Iaione and M. Manna, “Outcome Contracts and Partnerships” (2025); H. Hansmann and R. Kraakman, “The End of History for Corporate Law” (2001); S. Deakin, “The Corporation as Commons” (2012); L. Ventura, M. Manna and J. Manuwa, “Benefit Corporation, Dual-Purpose Entities and State-Owned Enterprises” (2025); L.A. Bebchuk, A. Cohen and S. Hirst, “The Agency Problems of Institutional Investors” (2017); A. Sanders and N. Neitzel, “Steward Ownership” (2025); S.N. Gary, “The Oregon Stewardship Trust” (2020); S. Owens, The EU Green Deal and the Sustainable Finance Framework (2025); C. Consolandi and J. Hawley, “From ESG to Sustainable Impact Finance” (2025); M. Bartl, “Socio-Economic Imaginaries and European Private Law” (2019); M. Mazzucato, “Mission-oriented innovation policies” (2018); S. Oberthür and I. von Homeyer, “From emissions trading to the European Green Deal” (2023); B. Johannsen, L.J. Kotzé and C. Macchi, “An Empty Victory?” (2025); N.M.P. Bocken et al., “Product Design and Business Model Strategies for a Circular Economy” (2016); A. Terzi, M. Sherwood and A. Singh, “European Industrial Policy for the Green and Digital Revolution” (2023); K. Tienhaara et al., “Investor-state dispute settlement: obstructing a just energy transition” (2023). Additional materials will be provided through the course platform.

Participatory theoretical lectures, combining instructor-led teaching with spontaneous student interventions and workshop-style sessions focused on the in-class preparation of group assignments.

Oral tests during lessons and written examination.

Interest in the subject matter and the topics covered, and an aptitude for theoretical and empirical research.