An analysis of how law and legal institutions affect business behavior and economic development in Latin America. The Memorandum concentrates on credit or financing operations in retailer-consumer and retailer-distributor-manufacturer transactions involving hard or durable goods. It seeks to establish general relationships between the legal and quasilegal institutions and this economic process, and finds that significant problems in the protection of creditors arise from the applicable statutes and from a lack of administrative and judicial implementation of them. Other constraints on mercantile productivity are found to stem from the processes enacting, implementing, applying, enforcing, and obeying the laws in Latin America. 102 pp.
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