2 The Yale Law Journal [Vol.111:1 C.A Civil-Law Contrast:The French Experience.. …45 .r 51 E.A Preliminary Summary 45 Ⅲ.“DOES LAW MATTER?'RECONSIDERED 59 A.Law and the Decentralized Common-Law World .59 B.The Sequence of Legal Change:Reinterpreting LLS&V................64 1.The United States Experience........ 66 2.The Global Experience... 69 C.The Political Theory of Dispersed Ownership. 71 D.Implications for Transitional Economies.... .76 IV.CONCLUSION. .78 Imaged with the Permission of Yale Law JournalThe Yale Law Journal C. A Civil-Law Contrast: The French Experience .......................... 45 D. The German Experience: Statist Intervention That Stunted the M arket ................................................................................ 51 E. A Preliminary Summary ............................................................. 58 III." DOES LAW MATTER?" RECONSIDERED ........................................ 59 A. Law and the Decentralized Common-Law World ..................... 59 B. The Sequence of Legal Change: Reinterpreting LLS&V ........... 64 1. The United States Experience ............................................. 66 2. The Global Experience ........................................................ 69 C. The Political Theory of Dispersed Ownership .......................... 71 D. Implications for Transitional Economies .................................. 76 IV . C ONCLUSION .................................................................................... 78 Imaged with the Permission of Yale Law Journal [Vol. I111: 1