The harmonization of law has long been a topic of scholarly discourse in the sphere of legal and economic development. The interconnectedness of law and economic growth (or decline) is undeniable; however, the role that legal harmonization plays in that relationship is less clearly defined. This may be especially true in emerging economies, where certain elements of legal, administrative, and regulatory infrastructure may not be well-developed. One school of thought regarding the interconnection between law and economic development puts forth the notion that in countries with developing economies, the harmonization of law should be the goal, if not the primary goal, of the country’s lawmakers. By standardizing the laws of the developing economy in a manner that conforms to international best practices, the idea is that the “rest” will fall into place. Simply, the economy will grow and thrive from the strong legal foundation which has been put into place. This approach is often applied directly to financial institutions and the legal framework governing various aspects of a nation’s economy, e.g., a nation’s securities market and trade laws. Following along this school of thought, the primary component of what a developing economy needs to succeed, it could be argued, is a well-developed set of laws and regulations. Looking to the country of Mongolia as a case study, this article will consider the role of harmonization as it relates to the nation’s newly-amended Securities Market Law and other associated legal developments. While not discounting the importance of well-crafted laws, this article will consider the actual capacity of the law itself to encourage economic growth and will also analyze other necessary components to the development puzzle. These components include, among others, Mongolia’s capacity to enforce, regulate, and utilize new laws in a reliable, consistent, and dependable manner so as to encourage the country’s continued sustainable growth and development. Keeping in mind the socioeconomic impacts of the harmonization of laws in light of a developing judiciary, this article will also consider what level of sophistication and capacity building may be required in Mongolia’s judiciary in order to effectively promote a reliable and consistent legal system that attracts investors and instills confidence both domestically and abroad
