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> Rule of law makes countries rich. Rule of law foster cooperation and trust in societies. People can trust authorities and each other. I don't think that part
by pjscott 14y ago
> Rule of law makes countries rich. Rule of law foster cooperation and trust in societies. People can trust authorities and each other.
I don't think that part of your thesis is too controversial. The big idea of common law, for example, is that courts try to make their decisions reasonably consistent with previous decisions, not because they think that this will necessarily lead to the best decisions each time, but because this makes the law predictable. Predictable laws are an important part of a good business environment.
(Laws with low overhead are also important, mind you. This is why an AP1000 nuclear power plant made in China costs so much less than one built in the US or Europe, even though it's the same damn plant. The overhead of dealing with the government in a very heavyweight regulatory environment is a huge factor in cost and speed.)
- Drbble 14y agoBut it's not the same plant if it is built cutting corners on the design. Or even if it is the same plant, of waste is disposed unsafely or workers are abused, the plant doesn't cost less, the costs are pushed onto unconsenting parties.
- kiba 14y agoI don't think that part of your thesis is too controversial. The big idea of common law, for example, is that courts try to make their decisions reasonably consistent with previous decisions, not because they think that this will necessarily lead to the best decisions each time, but because this makes the law predictable. Predictable laws are an important part of a good business environment. My big problem with the legislative branch is that they love to make law and they do so recklessly. This bypass any attempt at making laws consistent and predictable or any attempt to figure out whether those laws are any good.