How much is the rule of law worth? Until recently, this has been a largely theoretical question without the possibility of a specific answer. Undoubtedly there’s a value in being able to enforce a contract, to pass on property to the next generation, or to know that a burglar will be punished. Placing a dollar value on the rule of law, though, seemed an impossible task.
Now the World Bank, in its report “Where is the Wealth of Nations?,” has actually calculated some hard numbers seeking to place a value on the rule of law. The World Bank’s report analyzes the three basic components of every nation’s wealth
— natural resource wealth (farm land, oil reserves, etc.), produced wealth (machinery, urban land, infrastructure, etc.) and a residual, catch-all category, “intangible wealth,” which embodies human capital (things like education and know-how) as well as the value of good governance and the rule of law.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
