Economic historian Jared Rubin’s interesting blog post is
a must a read:
Rubin observes:
“In my view, the
rule of law exists when it precisely that – the law rules, and it rules for
all. What this means in practice is that laws are not arbitrary, they are
applied equally to all, and those imposing rules do so within the confines of
the law. It is the last of these aspects that I wish to focus on here. Why do
rulers in societies governed by the rule of law actually rule within the
confines of the law? When their desires are contrary to the law, what is to
prevent them from ruling as they wish?
These questions
well pre-date politics in the era of Trump. Their answers are something I have
long been interested in as an economic historian because I believe that they
hold, in part, the keys to understanding where modern wealth comes from.
Freedom from arbitrary rule for a broad swath of the population means that
those people will have incentive to invest, trade, and more generally grow
their wealth without the grabbing hand of the state taking anything more than
its pre-specified cut (which may be a lot, but as long as everyone knows that
going in they will be able to adjust their actions accordingly). The absence of
the rule of law encourages the opposite; why should anyone except the ruler’s cronies
try to enrich themselves if it is just going to make them a target of
confiscation when the ruler is in a bind?”Related:
Autocracy in America