Mauritius: A People and Their Choices
Mauritius has defied predictions of a bleak future made by Nobel economist James Meade in 1961, achieving an economic miracle due to its specific international environment and institutional quality. The country's common law inheritance and independent judiciary provided credibility to its policies, attracting investments.
Mauritius achieved an economic miracle by defying predictions of a bleak future. The island was uninhabited until human beings settled it, first as a waystation, then as a sugar producer with an enslaved labor force under French rule. Britain captured the island in 1810 and preserved French laws, language, and social rights. The common law inheritance and its application to commercial contracts made the economic miracle possible. In the 1970s, Hong Kong and Taiwanese garment manufacturers invested in Mauritius due to its stable legal framework, independent judiciary, and recognizable commercial law. The country's institutional environment provided credibility to its policies, such as a ten-year tax holiday, making it an attractive investment destination.
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