In this paper, I have studied one of the aspects of the cross-sections between law and economics, where I analyse the role played by laws and legal systems on the economic development of countries. I give a special emphasis on the Indian economy, but I study the impact on USA and China's economies as well. The paper also compares the impact between India and USA, and understands how the Chinese economy functions differently. I have used existing literature, as well as data from institutions like the World Bank to support my arguments. Understanding and improving the laws and legal systems on which an economy is built could be propitious for economic development