Is the rule of law truly the secret ingredient for national economic success?
In short: Conventional wisdom suggests that the rule of law is essential for economic progress. This lecture examines that assumption by tracing the historical role of legal frameworks in Britain's development since the early nineteenth century, questioning whether these institutions are as universal a requirement as modern policy claims.
The prevailing view in government policy is that sustainable economies and successful nations depend on a specific set of institutions, including an independent judiciary, protected individual rights, and a free media. Proponents argue that these elements are necessary for growth and should be actively promoted in other countries.
Delivered on June 21, 2018, by Mr Justice Cranston—a former High Court judge and professor at the London School of Economics—this lecture scrutinizes the link between legal structures and prosperity. By focusing on Britain's economic trajectory starting in the early nineteenth century, the analysis challenges the idea that the rule of law is a singular, guaranteed catalyst for development.
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Sources
- Summary by Intellect · source: The Rule of Law: Good for the Economy? - Sir Ross Cranston FBA
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