On tap! We Win!
Yes, we have won the contest according to a study released this week [PDF] by the U.S. Chamber Institute for Legal Reform (ILR) — the U.S. legal system is the world’s most costly!
The study, conducted by NERA Economic Consulting, showed that the American system costs about one and half times more than the Eurozone average.
The U.S. costs were about 1.7 percent of GDP. Countries on the low end of the range—the Netherlands, Belgium, and Portugal—had costs around 0.4 percent. Legal liability costs in the U.S. were found to be about 50 percent more than costs in the U.K.
Query: one must analyze why this is before passing judgment (sorry, poor word choice) on the entire system. Some say we have a broken procedure, others claim we have the best in the world. I think it must be somewhere in between.