Impartial courts for economic prosperity – MPIYAKHE DHLAMINI
The 2014 Rule of Law Index report has this to say about the importance of the rule of law to a country’s business environment:
“Imagine an investor seeking to commit resources abroad. She would probably think twice before investing in a country where corruption is rampant, property rights are ill-defined, and contracts are difficult to enforce. Uneven enforcement of regulations, corruption, insecure property rights, and ineffective means to settle disputes undermine legitimate business and drive away both domestic and foreign investment.” (Rule of Law Index (2014), World Justice Project)
What this makes clear is that the rule of law is a necessary prerequisite for economic progress. An essential component of the rule of law is the existence of impartial courts where disputes are resolved fairly without favouritism to one of the parties. This is important for the economic welfare of individuals in a country because no modern economy can survive without individual property rights or contracts.
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Publish date: 14 August 2019 Views: 180
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.