Political stability is an important precondition for economic development. While political stability cannot be created by laws alone, an effective legal framework for political governance, such as a constitution, can facilitate political stability. It is noted that political stability is not...

An increasing amount of literature links the quality of institutions and governance to economic performance across the economies. In this respect, the maintenance of rule of law plays a critical role, for it encourages growth, investments and innovations, and firm growth and business...

Why did limited government and 'constitutionalism' (the rule of law, constitutional rules, and political representation) evolve in some societies but not others? Guided by history, this paper examines why this evolution reflects dependence on administrators to implement policy choices including...

With the enormous expansion of scholarship on this subject, "rule of law" has come to mean different things - ranging from security and order to the operations of courts and the administration of justice. We review the various streams of theoretical and empirical research by academics and...

The background conditions for the emergence of the rule of law are important but underdeveloped. This paper traces more fully the relationship between the concept of human equality and the development of the rule of law. It presents evidence that the Jewish and Christian concept of all human...

When Russia launched mass privatization, it was widely believed that it would create a powerful constituency for the rule of law. That didn't happen. We present a dynamic equilibrium model of the political demand for the rule of law and show that beneficiaries of mass privatization may fail to...

This Essay examines the possible justification for providing less than full (fair market value) compensation for expropriation. One obvious justification applies in cases of public measures, where the burden is deliberately distributed progressively, namely, where redistribution is the desired...

When Russia launched mass privatization, it was widely believed that it would create a powerful constituency for the rule of law. That didn't happen. We present a dynamic equilibrium model of the political demand for the rule of law and show that beneficiaries of mass privatization may fail to...