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Impact of Rule of Law

RULE OF LAW AND ECONOMIC DEVELOPMENT

Adherence to the rule of law is now recognized as a critical factor in sustainable economic development.

The 2012 United Nations Meeting of the General Assembly on the Rule of Law declared: “The advancement of the rule of law at the national and international levels is essential for sustained and inclusive economic growth, sustainable development, the eradication of poverty and hunger and the full realization of all human  rights and fundamental  freedoms, including the right to development, all of which in turn reinforce the rule of law.”

How does the rule of law enable economic development?

  • Protection of individual property rights
  • Fair and equitable contract enforcement
  • Creation and enforcement of equitable labor laws
  • Access to opportunity for all (women, poor, uneducated, marginalized)

In short, when citizens are treated fairly and with dignity and respect, it creates a culture where commerce and business can flourish and grow.  Democracy, paired with fair and equal application of the law at every level of society and government are necessary for strong, sustained economic growth.

“The rule of law is not a  mere adornment to development; it is a vital source of progress. It creates an environment in which the full spectrum of human creativity can flourish, and prosperity can be built.” UN Commission on Legal Empowerment of the Poor Final Report, 2008

Rule of Law & Democracy

Building democracy and the rule of law may be mutually reinforcing processes. The rule of law is a critical factor for the advancement of democracy, rooted in equal rights and accountability.  By strengthening the rule of law, we protect the rights of all people, advance inclusiveness, and limit the arbitrary exercise of power, which are the cornerstones of modern democracy.

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Rule of Law & Ethical Investing

Nations with trustworthy, efficient legal systems, are more likely to attract foreign direct investment (FDI) than nations with troubled legal institutions. In general terms, rule of law improvements spur growth by attracting investors that value the safety, security and protection offered by transparent, just and ethical governments.

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Rule of Law & the Environment

Environmental rule of law helps increase awareness of fundamental rights shared by all, and our obligations to protect those rights for everyone.  Sustainable management of natural resources through the rule of law will lead to increased environmentally balanced development and will enable equitable and peaceful access to our plant’s natural resources for generations to come.

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Rule of Law & Social Development

The Rule of Law Alliance seeks to educate and promote a culture of respect for the rule of law to help lift struggling nations from the yolk of violence and poverty.  Through the advancement of rule of law initiatives, we will work to increase participation under the law, support measures that enhance equality, and help people living at the margins of society gain access to legal assistance and increased economic opportunities.

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