CIVIL-LAW AND COMMON LAW TRADITION: A COMPARATIVE APROACH Civil law primarily contrasted against common law. The significant difference is that, historically, common law was developed by custom whereas civil law was developed by legal principles and the interpretation of doctrinal writings rather than application of facts to legal fictions. 'Common-law is extremely decentralized in terms of the source of law (making place for evolving cultural changes) is highly centralized in its administration because of the …showed first 75 words of 763 total…

…showed last 75 words of 763 total…Wessel,D.2005). 'From the business side, civil law countries shows heavier regulation, weaker property rights protection, more corrupt and less efficient government and less political freedom than do common law countries. In civil law countries investors are less certain of their property rights and few people own stocks. Therefore, bond and stock markets are smaller and more companies are controlled by a few big holders.'(Wessel, D.2005) This situation discourages investment and economic growth.