The adherence and maintenance of the rule of law! I wonder where Jamaica would rank if this list encompassed all nations?
If you look at measures (such as the Fraser Institute’s Economic Freedom of the World index) of what makes a nation competitive and prosperous, you’ll find some obvious variables such as fiscal policy, trade openness, regulatory burden, and monetary policy.
But in addition to those policy levers, you’ll find that it’s equally important that a nation does a good job of protecting and maintaining the rule of law.
This is not something easy to define or measure. It includes all sorts of characteristics such as protection of property rights, absence of corruption, honest courts, government transparency, and non-discriminatory application of laws.
But one thing is clear. Nations that don’t have good rule of law are not going to enjoy much prosperity, even if they have ostensibly good policies.
So it was with considerable interest that I saw that a Rule of Law Index has been released by the World…
View original post 677 more words