Law, the rule of law, and property: A foundation for the private market and business study

American Business Law Journal

Volumn 38, Issue 3, 2001, Pages

  Lee Reed, O ^a  

^a NONE

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EID: 0039299792     PISSN: 00027766     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (193)

1. Michel Camdessus, Managing Director of the International Monetary Fund, Address Before the High-Level Segment of the 1999 Substantive Session of the UN Economic and Social Council July 5, 1999;, in M2 Presswire, July 7, 1999, at 4, available in LEXIS, News Group File.
2. Michel Camdessus, Remarks Before the Warsaw School of Economics (Dec. 13, 1999) in M2 Presswire, Dec. 14, 1999, at 4, available in LEXIS, News Group File.
3. IMF Chief Urges Radical Reform of Russian Economy, BUS. DAY (Thailand), June 17, 1999, at 1.
4. Michel Camdessus, Address to the Board of Governors of the International Monetary Fund (Sept. 29, 1999), in M2 PRESSWIRE, Sept. 29, 1999, at 4, available in LEXIS, News Group File.
5. Secretary General Kofi Annan, Address Before the United States Chamber of Commerce (June 10, 1999), in M2 Presswire, June 10, 1999, at 1, available in LEXIS, News Group File.
6. Deputy Secretary General Louise Frechette, Address Before the Seoul International Conference of Non-Governmental Organizations (Oct. 10, 1999), in M2 PRESSWIRE, Oct. 14, 1999, at 2, available in LEXIS, News Group File.
7. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
8. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
9. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
10. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
11. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
12. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
13. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
14. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
15. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
16. Charles Babington, Clinton Lobbies Two Nations, WASH. POST, June 6, 2000, at A1 ("In the first speech by an American leader to Russia's parliament, President Clinton today urged the lawmakers to embrace a more open society that protects private property, free speech, religious expression and equal justice." The president also said: "A strong state should use its strength to reinforce the rule of law, protect the powerless against the powerful, [and] defend democratic freedoms."); Jerome Hule, Africa at Large; Ministers Adopt Investment Principles for Energy Sector, AFR. NEWS, Dec. 16, 1999, available in LEXIS, News Group File (stating that forty-eight African energy ministers agree to create or sustain regulatory and legal frameworks based on the rule of law and sanctity of contracts); Shoeb Kagda, S'pore has Catalyst Role in Indon., Investments, BUS. TIMES (Singapore), Dec. 1, 1999, at 1 (stating that Indonesian President Abdurrahan Wahid assured reporters that his government will establish the rule of law to protect investors and the public); Martin Lee, Free Trade With China?, WALL ST. J., May 18, 2000, at A26 (statement of Hong Kong legislator) ("The rule of law is the key principle underlying active membership in global trade organization."); Lewis Machipisa, Africa-Trade: Easing Access for African Goods to the U.S. Market, Inter Press Service, Apr. 15, 1999, available in LEXIS, News Group File (repeating remarks of Stuart Eizenstat, Under-Secretary of State for Economic, Business, and Agricultural Affairs) ("There is a need for the rule of law and good governance. Non-corrupt, transparent systems where contracts are respected, terms don't change arbitrarily. These are things that companies all over the world insist on."); Nigeria 1999 Investment Climate Statement, INT'L MARKET INSIGHT REP., July 19, 1999, available in LEXIS, News Group File (stating that Nigerian President Olubegun Obanasanjo promised to uphold the rule of law); The Rt. Hon. Chris Patten, Commissioner for External Relations, The EU and Russia, Speech to the Diplomatic Academy in Moscow, in RAPID, Jan. 18, 2001, available in LEXIS, News Group File ("As I have already said, we firmly believe that the rule of law and economic development go hand in hand."); Colin Powell, Hearing of the Senate Foreign Relations Committee, FEDERAL NEWS SERVICE, Jan. 17, 2001, available in LEXIS, News Group File ("But two things are needed in countries [for economic development]: number one, individual freedom, and the other is the rule of law. And the rule of law protects individual rights, and it also protects property rights."); Ambassador Peter Romero, Acting Assistant Secretary of State, Inter-American Affairs, Remarks to LawCasa (Aug. 6, 1999), in LAW & POL. IN INT'L BUS., Aug. 6, 1999, at 37 ("The most basic elements of a modern market economy are founded on the rule of law."); Margaret Thatcher, Individual Freedom and the Rule of Law Are Still the Keys to Greatness, FRESNO BEE, May 30, 1999, at G1 ("The rule of law, in fact, is what saved some Asian countries from collapse last year . . . because the latter requires public integrity, and that integrity made their banks and contracts sound and minimized corruption.").
17. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
18. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
19. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
20. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
21. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
22. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
23. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
24. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury Secretary stating that for a successful transition to market economy. Russia's rule of law must overcome criminality and corruption); Treasury Secretary Lawrence H. Summers, Remarks to the Asia Society Annual Dinner (Oct. 12, 1999), available in LEXIS, News Group File (citing the rule of law and the enforcement of contract law as essential to the creation of an environment where investment and innovation can flourish); WTO 2000: Oversight Hearing on WTO 2000 Before the Subcomm. on Telecommunications, Trade and Consumer Protection of the House Comm. on Commerce, 108th Cong. (1999), available in LEXIS, News Group File (statement of Mark C. Brickell, Managing Director, J.P. Morgan and Co.) ("An environment in which courts cannot be relied upon to adhere to the rule of law is an environment in which businesses will be reluctant to invest, and in which development will be stunted. Sanctity of contracts and the rule of law are a cornerstone of free trade."); Steve Wunsch, Antitrust Never Made Any Sense, WALL ST. J., June 30, 2000, at A15 (president of Arizona Stock Exchange stating that "every individual's freedom of economic action, including the freedom to pursue self-interested goals with no visible connection to the public interest, must be protected by law if a nation is to achieve its economic potential").
25. Full Text of Statement Issued by G-7 Top Finance Officials, JAPAN ECON. NEWSWIRE (Apr. 15, 2000), available in LEXIS, News Group File (Group of Seven finance ministers and central bank governors urging "the Russian authorities to take action on critical economic challenges, such as establishing an impartial rule of law, including secure property rights and contract enforcement . . . . "); Steve H. Hanke, An Unbalanced EU, FORBES, Feb. 5, 2001, at 89 (quoting the chairman of the Friedberg Mercantile Goup, Inc.) ("The rule of law guarantees public order and personal security by protecting private individuals and private property from interference by other individuals, groups or the state. It generates confidence and allows people to make reasonable plans for the future."); KBS Sale Slows Down Due to Investors' Fear of Instability, CZECH NEWS AGENCY (CTK), Oct 20, 1999, available in LEXIS, News Group File stating the argument of Czech Finance Minister Pavel Mertlik that the rule of law and contracts were respected in the Czech Republic); James Kynge, Reflections of Half a Century. FIN. TIMES (London), Oct. 1, 1999, at 1 (stating the comment of a senior Chinese banker that the most pressing need in China is the institution of the rule of law to cut down on enormous transaction costs inherent in Chinese business); Christopher Lingle, The High Human Costs of Anticapitalism, JAPAN TIMES, Jan. 5, 2001, available in LEXIS, News Group File (global strategist for eConolytics stating, "Markets require supporting institutions such as property rights and extensive individual freedoms protected by an independent judiciary under a rule of law. Under these arrangements, free people can pursue their lives within the context of the market."); Robert E. Rubin, Don't Give Up on Russia's Chances to Get it Right, INT'L HERALD TRIB. (France), Sept. 22, 1999, at 8 (former Treasury
26. Editorial, INVESTOR'S BUS. DAILY, Sept. 2, 1998, at A28 (stating that "U.S. stock markets owe their resilience to the underlying strength of the economic system here. Private property, contracts, the rule of law, and regular, free elections form the needed backdrop for economic growth and stock market advances."); EU/US: Business Agrees to Seattle Strategy While Officials Fight, EUR. REP., Nov. 4, 1999, available in LEXIS, News Group File (urging that business executives at the fifth annual Transatlantic Business Dialogue (TABD) establish the rule of law and the enforceability of contracts as a priority in encouraging private investment); Hearing on U.S. Trade Relations with Sub-Sahara Africa Before the Subcomm. on Trade of the House Comm. on Ways and Means, 109th Cong. (1999), available in LEXIS, News Group File (statement of Peter A. Kooi, President of the World Grain Trading Group) ("To achieve stable political and economic environments . . . governments locally must establish . . . a legal system based on the rule of law, not the rule of individuals."); Adrian Karatnycky, Don't Expect Fujimori's Foes to Play Dead, WALL ST. J., Aug. 4, 2000, at A11 (stating that Peru's business community "increasingly views the strict and scrupulous application of the law as an urgent priority"); Patrick Wadula, South Africa: Council Offers Support to States in Fighting Corruption, AFR. NEWS, Nov. 12, 1999, available in LEXIS, News Group File (stating that the Common Wealth Business Forum stresses political stability, rule of law, and enforcement of contracts as requirement to attract foreign direct investment).
27. Editorial, INVESTOR'S BUS. DAILY, Sept. 2, 1998, at A28 (stating that "U.S. stock markets owe their resilience to the underlying strength of the economic system here. Private property, contracts, the rule of law, and regular, free elections form the needed backdrop for economic growth and stock market advances."); EU/US: Business Agrees to Seattle Strategy While Officials Fight, EUR. REP., Nov. 4, 1999, available in LEXIS, News Group File (urging that business executives at the fifth annual Transatlantic Business Dialogue (TABD) establish the rule of law and the enforceability of contracts as a priority in encouraging private investment); Hearing on U.S. Trade Relations with Sub-Sahara Africa Before the Subcomm. on Trade of the House Comm. on Ways and Means, 109th Cong. (1999), available in LEXIS, News Group File (statement of Peter A. Kooi, President of the World Grain Trading Group) ("To achieve stable political and economic environments . . . governments locally must establish . . . a legal system based on the rule of law, not the rule of individuals."); Adrian Karatnycky, Don't Expect Fujimori's Foes to Play Dead, WALL ST. J., Aug. 4, 2000, at A11 (stating that Peru's business community "increasingly views the strict and scrupulous application of the law as an urgent priority"); Patrick Wadula, South Africa: Council Offers Support to States in Fighting Corruption, AFR. NEWS, Nov. 12, 1999, available in LEXIS, News Group File (stating that the Common Wealth Business Forum stresses political stability, rule of law, and enforcement of contracts as requirement to attract foreign direct investment).
28. Editorial, INVESTOR'S BUS. DAILY, Sept. 2, 1998, at A28 (stating that "U.S. stock markets owe their resilience to the underlying strength of the economic system here. Private property, contracts, the rule of law, and regular, free elections form the needed backdrop for economic growth and stock market advances."); EU/US: Business Agrees to Seattle Strategy While Officials Fight, EUR. REP., Nov. 4, 1999, available in LEXIS, News Group File (urging that business executives at the fifth annual Transatlantic Business Dialogue (TABD) establish the rule of law and the enforceability of contracts as a priority in encouraging private investment); Hearing on U.S. Trade Relations with Sub-Sahara Africa Before the Subcomm. on Trade of the House Comm. on Ways and Means, 109th Cong. (1999), available in LEXIS, News Group File (statement of Peter A. Kooi, President of the World Grain Trading Group) ("To achieve stable political and economic environments . . . governments locally must establish . . . a legal system based on the rule of law, not the rule of individuals."); Adrian Karatnycky, Don't Expect Fujimori's Foes to Play Dead, WALL ST. J., Aug. 4, 2000, at A11 (stating that Peru's business community "increasingly views the strict and scrupulous application of the law as an urgent priority"); Patrick Wadula, South Africa: Council Offers Support to States in Fighting Corruption, AFR. NEWS, Nov. 12, 1999, available in LEXIS, News Group File (stating that the Common Wealth Business Forum stresses political stability, rule of law, and enforcement of contracts as requirement to attract foreign direct investment).
29. Editorial, INVESTOR'S BUS. DAILY, Sept. 2, 1998, at A28 (stating that "U.S. stock markets owe their resilience to the underlying strength of the economic system here. Private property, contracts, the rule of law, and regular, free elections form the needed backdrop for economic growth and stock market advances."); EU/US: Business Agrees to Seattle Strategy While Officials Fight, EUR. REP., Nov. 4, 1999, available in LEXIS, News Group File (urging that business executives at the fifth annual Transatlantic Business Dialogue (TABD) establish the rule of law and the enforceability of contracts as a priority in encouraging private investment); Hearing on U.S. Trade Relations with Sub-Sahara Africa Before the Subcomm. on Trade of the House Comm. on Ways and Means, 109th Cong. (1999), available in LEXIS, News Group File (statement of Peter A. Kooi, President of the World Grain Trading Group) ("To achieve stable political and economic environments . . . governments locally must establish . . . a legal system based on the rule of law, not the rule of individuals."); Adrian Karatnycky, Don't Expect Fujimori's Foes to Play Dead, WALL ST. J., Aug. 4, 2000, at A11 (stating that Peru's business community "increasingly views the strict and scrupulous application of the law as an urgent priority"); Patrick Wadula, South Africa: Council Offers Support to States in Fighting Corruption, AFR. NEWS, Nov. 12, 1999, available in LEXIS, News Group File (stating that the Common Wealth Business Forum stresses political stability, rule of law, and enforcement of contracts as requirement to attract foreign direct investment).
30. Editorial, INVESTOR'S BUS. DAILY, Sept. 2, 1998, at A28 (stating that "U.S. stock markets owe their resilience to the underlying strength of the economic system here. Private property, contracts, the rule of law, and regular, free elections form the needed backdrop for economic growth and stock market advances."); EU/US: Business Agrees to Seattle Strategy While Officials Fight, EUR. REP., Nov. 4, 1999, available in LEXIS, News Group File (urging that business executives at the fifth annual Transatlantic Business Dialogue (TABD) establish the rule of law and the enforceability of contracts as a priority in encouraging private investment); Hearing on U.S. Trade Relations with Sub-Sahara Africa Before the Subcomm. on Trade of the House Comm. on Ways and Means, 109th Cong. (1999), available in LEXIS, News Group File (statement of Peter A. Kooi, President of the World Grain Trading Group) ("To achieve stable political and economic environments . . . governments locally must establish . . . a legal system based on the rule of law, not the rule of individuals."); Adrian Karatnycky, Don't Expect Fujimori's Foes to Play Dead, WALL ST. J., Aug. 4, 2000, at A11 (stating that Peru's business community "increasingly views the strict and scrupulous application of the law as an urgent priority"); Patrick Wadula, South Africa: Council Offers Support to States in Fighting Corruption, AFR. NEWS, Nov. 12, 1999, available in LEXIS, News Group File (stating that the Common Wealth Business Forum stresses political stability, rule of law, and enforcement of contracts as requirement to attract foreign direct investment).
31. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
32. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
33. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
34. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
35. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
36. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
37. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
38. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
39. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
40. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
41. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil:
42. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
43. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
44. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
45. Henry T. Azzam, Arab States Urged to Liberalize Trade, Lure Investment to Bolster Growth, MIDDLE EAST NEWSFILE, Sept. 2, 1999, available in LEXIS, News Group File (Arab governments should enforce "contracts and property rights, clamping down on bureaucracy and corruption and implementing the rule of law" and put "in place an effective legal system with prudential supervisory frameworks that are rigorously applied."); Austin Bay, Open Trade, and Rule of Law Will Follow, SAN ANTONIO EXPRESS-NEWS, May 6, 1999, at 5B ("The key to 'fair' markets is the rule of law. The rule of law, with individual rights, property rights and contract law protection in a just system, is essential to economic stability and sustained economic growth."); Chang Ju Choi et al., A Note on Countertrade, Contractual Uncertainty and Transaction Governance in Emerging Economies, 30 J. INT'L. BUS. STUD. 189 (1999) ("The gains from trade require legal and governmental institutions that guarantee individual rights to impartial enforcement of contract and property."); Terry Kosdrosky, Local Observers Give Mixed Reviews to China Agreement, CRAIN'S DETROIT BUS., Dec. 6, 1999, available in LEXIS, News Group File ("Companies are hopeful the accord means China will clarify business regulations and strengthen the rule of law to protect contracts."); Christopher Lingle, Economic Freedom in the New Millenium, KOREA HERALD, Jan. 8, 2000, available in LEXIS, News Group File ("Abiding by the rule of law under the eyes of an independent judiciary will provide support for a 'contract culture' that is the basis of modern-market based economies."); Herbert London, Making Too Much of Russia in the Post-Cold War World, BRIDGE NEWS, June 14, 2000, available in LEXIS, News Group File ("If Russia is to enjoy the fruits of prosperity, it must embrace Western ways, including rule of law, respect for private property, recognition of individual rights and a willingness to embrace the law."); Michael Novak, How Christianity Created Capitalism, WALL ST. J., Dec. 23, 1999, at A18 ("[I]n order to function, capitalism requires rules [of law] that allow for predictable economic activity."); Russian Economic Turmoil: Hearings on the New IMF Credits to Russia and the Russian Economic Crisis Before the House Comm. on Banking and Financial Services, 109th Cong. (1999), available in LEXIS, News Group File (statement of Ariel Cohen, Senior Policy Analyst at the Heritage Foundation) ("The current near failure of the rule of law forces Russians to squirrel their money abroad and convinces foreigners to invest elsewhere."); Harry Sterling, Indonesia's Moment of Truth: Social and Economic Woes Could Soon Put Country's Unity at Risk, NAT'L POST, Oct. 21, 1999, at C7 ("To attract desperately needed foreign investment, the new government will need to give assurances that it will strictly enforce contracts and the rule of law."); Success and Ethics Linked in Business, TAMPA TRIB., Oct. 24, 1999, at 2 ("A country that protects property, honors contracts, follows the rule of law and generally treats people fairly is likely to prosper."); Sabrina Tavernise, International Business, N.Y. TIMES, Dec. 18, 2000, at C18 ("Weakness in the rule of law has been among the biggest barriers to long-term growth and to the direct foreign investment the country [Russia] so desperately needs."); U.S. Foreign Aid Advances Interests, BOSTON HERALD, Jan. 14, 2001, at 24 ("All the aid in the world cannot develop a backward economy or end poverty where the appropriate institutions and culture are lacking. The rule of law comes first. That means the security of property against the demands of thieves and rapacious governments, and courts that will enforce contracts without being bribed."); Walter Williams, When Free Markets Confound Skeptics, WASH. POST, Dec. 26, 1999, at B4 ("Government should guarantee private property rights, enforce contractual terms including the provisions of criminal law), establish rule of law and provide for certain public goods."); Lee Kuan Yew, Effectue Law Underpins New Order of Business, THE STRAITS TIMES, April 13, 2000, available in LEXIS, News Group File ("We have always placed importance on a sturdy legal system, a transparent administration and sound corporate governance. A stable and predictable environment facilitates the enforcement of contractual rights and the protection of property rights. Our firm regulatory framework, supported by the rule of law, has contributed to our economic progress and enabled us to weather the Asian economic crisis."); Fareed Zakaria, Lousy Advice Has Its Price, NEWSWEEK, Sept. 27, 1999, at 40 ("Capitalism, it turns out, is not a naturally occurring system. It requires rules, laws and customs to protect private property, enforce contracts and ensure fair play.
46. The external perspective view is that currently represented by the standards of the American Assembly of Collegiate Schools of Business. The AACSB's "Business Accreditation Standards" state that "[b]oth undergraduate and MBA curricula should provide an understanding of perspectives that form the context for business. Coverage should include: ethical and global issues, the influence of political, social, legal and regulatory, environmental and technological issues, and the impact of demographic diversity on organizations." See AACSB Accreditation at www.aacsb.edu/stand5.html (last visited Apr. 7, 2000). The "perspectives" are general in nature and presumably can be met by inclusion in various courses throughout the curricula. "Perspectives" differ from what the standards term "foundation knowledge" at the undergraduate level, which includes "accounting, behavioral science, economics, and mathematics and statistics." Id. At the MBA level the standards refer to instruction in "core areas," which encompass "financial reporting, analysis and markets, domestic and global economic environments of organizations, creation and destruction of goods and services, and human behavior in organizations." Id.
47. Historically, law has played a significant role in business education. At the very beginning of business education at the Wharton School, law subjects accounted for nearly a third of the coursework. See generally FREDERIC G. KEMPIN, JR., A HISTORY OF THE AMERICAN BUSINESS LAW ASSOCIATION (1974).
48. For discussion of this exaggeration, see Penelope Eileen Bryan, Toward Deconstructing the Deconstruction of Law and Lawyers, 71 DENV. U. L. REV. 161 (1993); Frank B. Cross, The First Thing We Do, Let's Kill All the Economists: An Empirical Evaluation of the Effect of Lawyers on the United States Economy and PoliticalSystem, 70 TEX. L. REV. 645 (1992); Marc Galanter, Reading the Landscape of Disputes: What We Know and Don't Know (and Think We Know) about Our Allegedly Contentious and Litigious Society, 31 UCLA L. REV. 4 (1983); Marc Galanter, The Day After the Litigation Explosion, 46 MD. L. REV. 3 1986; Marc Galanter, Too Many Lawyers? Too Much Law?, 71 DENV. U. L. REV. 77, 88 (1993).
49. For discussion of this exaggeration, see Penelope Eileen Bryan, Toward Deconstructing the Deconstruction of Law and Lawyers, 71 DENV. U. L. REV. 161 (1993); Frank B. Cross, The First Thing We Do, Let's Kill All the Economists: An Empirical Evaluation of the Effect of Lawyers on the United States Economy and PoliticalSystem, 70 TEX. L. REV. 645 (1992); Marc Galanter, Reading the Landscape of Disputes: What We Know and Don't Know (and Think We Know) about Our Allegedly Contentious and Litigious Society, 31 UCLA L. REV. 4 (1983); Marc Galanter, The Day After the Litigation Explosion, 46 MD. L. REV. 3 1986; Marc Galanter, Too Many Lawyers? Too Much Law?, 71 DENV. U. L. REV. 77, 88 (1993).
50. For discussion of this exaggeration, see Penelope Eileen Bryan, Toward Deconstructing the Deconstruction of Law and Lawyers, 71 DENV. U. L. REV. 161 (1993); Frank B. Cross, The First Thing We Do, Let's Kill All the Economists: An Empirical Evaluation of the Effect of Lawyers on the United States Economy and PoliticalSystem, 70 TEX. L. REV. 645 (1992); Marc Galanter, Reading the Landscape of Disputes: What We Know and Don't Know (and Think We Know) about Our Allegedly Contentious and Litigious Society, 31 UCLA L. REV. 4 (1983); Marc Galanter, The Day After the Litigation Explosion, 46 MD. L. REV. 3 1986; Marc Galanter, Too Many Lawyers? Too Much Law?, 71 DENV. U. L. REV. 77, 88 (1993).
51. For discussion of this exaggeration, see Penelope Eileen Bryan, Toward Deconstructing the Deconstruction of Law and Lawyers, 71 DENV. U. L. REV. 161 (1993); Frank B. Cross, The First Thing We Do, Let's Kill All the Economists: An Empirical Evaluation of the Effect of Lawyers on the United States Economy and PoliticalSystem, 70 TEX. L. REV. 645 (1992); Marc Galanter, Reading the Landscape of Disputes: What We Know and Don't Know (and Think We Know) about Our Allegedly Contentious and Litigious Society, 31 UCLA L. REV. 4 (1983); Marc Galanter, The Day After the Litigation Explosion, 46 MD. L. REV. 3 1986; Marc Galanter, Too Many Lawyers? Too Much Law?, 71 DENV. U. L. REV. 77, 88 (1993).
52. For discussion of this exaggeration, see Penelope Eileen Bryan, Toward Deconstructing the Deconstruction of Law and Lawyers, 71 DENV. U. L. REV. 161 (1993); Frank B. Cross, The First Thing We Do, Let's Kill All the Economists: An Empirical Evaluation of the Effect of Lawyers on the United States Economy and PoliticalSystem, 70 TEX. L. REV. 645 (1992); Marc Galanter, Reading the Landscape of Disputes: What We Know and Don't Know (and Think We Know) about Our Allegedly Contentious and Litigious Society, 31 UCLA L. REV. 4 (1983); Marc Galanter, The Day After the Litigation Explosion, 46 MD. L. REV. 3 1986; Marc Galanter, Too Many Lawyers? Too Much Law?, 71 DENV. U. L. REV. 77, 88 (1993).
53. See, e.g., infra notes 43-46 and accompanying text.
54. Basically, in a democracy cultural values are necessary for the adequate support of law and, therefore, the marketplace. If business students are not inculcated in the legal values that support the private marketplace, how can they, as subsequent members of the business community, defend the property system with social and political action? The interconnection of values and laws is discussed infra notes 62-73 and accompanying text.
55. Nigel Nicholson, Evolutionary Psychology: Toward a New View of Human Nature and Organizational Society, 50 HUM. REL. 1053, 1060 (1997).
56. It is this interdependence, especially in the international arena, that makes the institution of law so vital to the twenty-first century. Stephen J. Coffey, Rule of Law and Regional Conflict, 19 WHITTIER L. REV. 257, 265 (1997) (stating that "[t]he fundamental norms of international law, public and private, are the key to stability and peace in an increasingly interdependent would"); Renato Ruggiero, Director-General of the World Trade Organization, Address to the Herbert Quandt Foundation June 22, 1995) at http:// www.wto.org/archives/3_ 17.html (last visited Apr. 7, 2000) (maintaining the necessity of "trade liberalization and the rule of law in an interdependent world"). See also V.S. Yereschetin & R.A. Mullerson, International Law in an Interdependent World, 28 COLUM. J. TRANSNAT'L L. 291 (1990).
57. It is this interdependence, especially in the international arena, that makes the institution of law so vital to the twenty-first century. Stephen J. Coffey, Rule of Law and Regional Conflict, 19 WHITTIER L. REV. 257, 265 (1997) (stating that "[t]he fundamental norms of international law, public and private, are the key to stability and peace in an increasingly interdependent would"); Renato Ruggiero, Director-General of the World Trade Organization, Address to the Herbert Quandt Foundation June 22, 1995) at http:// www.wto.org/archives/3_ 17.html (last visited Apr. 7, 2000) (maintaining the necessity of "trade liberalization and the rule of law in an interdependent world"). See also V.S. Yereschetin & R.A. Mullerson, International Law in an Interdependent World, 28 COLUM. J. TRANSNAT'L L. 291 (1990).
58. It is this interdependence, especially in the international arena, that makes the institution of law so vital to the twenty-first century. Stephen J. Coffey, Rule of Law and Regional Conflict, 19 WHITTIER L. REV. 257, 265 (1997) (stating that "[t]he fundamental norms of international law, public and private, are the key to stability and peace in an increasingly interdependent would"); Renato Ruggiero, Director-General of the World Trade Organization, Address to the Herbert Quandt Foundation June 22, 1995) at http:// www.wto.org/archives/3_ 17.html (last visited Apr. 7, 2000) (maintaining the necessity of "trade liberalization and the rule of law in an interdependent world"). See also V.S. Yereschetin & R.A. Mullerson, International Law in an Interdependent World, 28 COLUM. J. TRANSNAT'L L. 291 (1990).
59. In Western culture, law has been considered the primary social ordering force at least since classical times. Livy wrote: "Romulus called his people to a council. As nothing could unite them into one political body but the observance of common laws and customs, he gave them a body of laws . . . ." TITIUS LIVIUS, THE HISTORY OF ROME 11 (Ernest Rhys ed. & Rev. Canon Roberts trans., J.M. Dent & Sons 1912). Of course, laws are usually based on custom and tradition. These different social forces are not necessarily antithetical, and in fact a culture of respect and obedience is necessary to effect the rules of law. See infra notes 62-73 and accompanying text. The formality of law, however, makes that social force more easily observed by the strangers with whom one must often deal.
60. In other words, the promulgation and implementation of law forces lawmakers to think about ordering society, thus conceiving the option of organizational social change in economic and other areas, a conscious act impossible to the often unreflecting habits of tradition and custom. Cf. RICHARD A. EPSTEIN, PRINCIPLES FOR A FREE SOCIETY 35 (1998) (asserting that custom finds "it difficult to adapt sensibly to rapid discontinuities in traditional business or legal environments"). Douglass North has observed that as important as traditional values are in the ordering of society "[t]he move . . . from unwritten traditions and customs to written laws has been unidirectional as we have moved from less to more complex societies and is clearly related to the increasing specialization and division of labor associated with more complex societies." DOUGLASS NORTH, INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE 46 (1990). The burgeoning Chinese economy has been accompanied by a corresponding growth in law, lawyers, and law degree programs. Testimony of Minxin Pei before the House International Relations Committee, FDCH Congressional Testimony, Apr. 30, 1998, available in LEXIS, News Group File ("Legal reform has become one of the most important institutional changes in China since the late 1970's."). The total number of lawyers tripled in China between 1986 and 1996, private law firms grew from seventy-three in 1991 to 2,655 in 1996, and between 1985 and 1996 "the rate of professional legal representation increased seven-fold in civil cases and 24-fold in criminal cases." Id.
61. In other words, the promulgation and implementation of law forces lawmakers to think about ordering society, thus conceiving the option of organizational social change in economic and other areas, a conscious act impossible to the often unreflecting habits of tradition and custom. Cf. RICHARD A. EPSTEIN, PRINCIPLES FOR A FREE SOCIETY 35 (1998) (asserting that custom finds "it difficult to adapt sensibly to rapid discontinuities in traditional business or legal environments"). Douglass North has observed that as important as traditional values are in the ordering of society "[t]he move . . . from unwritten traditions and customs to written laws has been unidirectional as we have moved from less to more complex societies and is clearly related to the increasing specialization and division of labor associated with more complex societies." DOUGLASS NORTH, INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE 46 (1990). The burgeoning Chinese economy has been accompanied by a corresponding growth in law, lawyers, and law degree programs. Testimony of Minxin Pei before the House International Relations Committee, FDCH Congressional Testimony, Apr. 30, 1998, available in LEXIS, News Group File ("Legal reform has become one of the most important institutional changes in China since the late 1970's."). The total number of lawyers tripled in China between 1986 and 1996, private law firms grew from seventy-three in 1991 to 2,655 in 1996, and between 1985 and 1996 "the rate of professional legal representation increased seven-fold in civil cases and 24-fold in criminal cases." Id.
62. In other words, the promulgation and implementation of law forces lawmakers to think about ordering society, thus conceiving the option of organizational social change in economic and other areas, a conscious act impossible to the often unreflecting habits of tradition and custom. Cf. RICHARD A. EPSTEIN, PRINCIPLES FOR A FREE SOCIETY 35 (1998) (asserting that custom finds "it difficult to adapt sensibly to rapid discontinuities in traditional business or legal environments"). Douglass North has observed that as important as traditional values are in the ordering of society "[t]he move . . . from unwritten traditions and customs to written laws has been unidirectional as we have moved from less to more complex societies and is clearly related to the increasing specialization and division of labor associated with more complex societies." DOUGLASS NORTH, INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE 46 (1990). The burgeoning Chinese economy has been accompanied by a corresponding growth in law, lawyers, and law degree programs. Testimony of Minxin Pei before the House International Relations Committee, FDCH Congressional Testimony, Apr. 30, 1998, available in LEXIS, News Group File ("Legal reform has become one of the most important institutional changes in China since the late 1970's."). The total number of lawyers tripled in China between 1986 and 1996, private law firms grew from seventy-three in 1991 to 2,655 in 1996, and between 1985 and 1996 "the rate of professional legal representation increased seven-fold in civil cases and 24-fold in criminal cases." Id.
63. ROBERTO MANGABEIRA UNGER, LAW IN MODERN SOCIETY: TOWARD A CRITICISM OF SOCIAL THEORY 176-81 (1976). "[T]he rule of law is defined by the interrelated terms of neutrality, uniformity, and predictability. Governmental power must be exercised within the constraints of rules that apply to ample categories of persons and acts, and these rules, whatever they may be, must be uniformly applied." Id. at 176-77. Cf. Robert L. Bartley, Thinking Things Over, WALL ST. J., July 17, 2000, at A35 ("The foundations of our free society rest on the rule of law, the principle that laws apply to both high and lowly, that this is a government of laws rather than men."). The sources quoted supra, notes 1-9 and accompanying text, all call for a rule of law.
64. ROBERTO MANGABEIRA UNGER, LAW IN MODERN SOCIETY: TOWARD A CRITICISM OF SOCIAL THEORY 176-81 (1976). "[T]he rule of law is defined by the interrelated terms of neutrality, uniformity, and predictability. Governmental power must be exercised within the constraints of rules that apply to ample categories of persons and acts, and these rules, whatever they may be, must be uniformly applied." Id. at 176-77. Cf. Robert L. Bartley, Thinking Things Over, WALL ST. J., July 17, 2000, at A35 ("The foundations of our free society rest on the rule of law, the principle that laws apply to both high and lowly, that this is a government of laws rather than men."). The sources quoted supra, notes 1-9 and accompanying text, all call for a rule of law.
65. Of course, even in democratic systems, lawmakers can and often do establish rules that favor special interests, thus abusing the rule of law. The complete rule of law is an ideal, rather than an accomplished fact, in even the most constitutional of societies. The point is that a democratic populace that is educated in the rule of law and is well informed will be better able to resist legislative infractions of the rule of law and to insist upon generally and equally applicable rules.
66. Cf. Prepared Testimony of Federal Reserve Chairman Alan Greenspan for Delivery Before the Committee on Banking and Financial Services. FDCH Political Transcripts, Feb. 17, 2000, available in LEXIS, News Group File (describing the "rule of law" as one of the "basic characteristics of our economic system").
67. CASS R. SUNSTEIN, FREE MARKETS AND SOCIAL JUSTICE 384 (1997) ("Free markets are legally constructed instruments, created by human beings hoping to produce a successful system of social ordering."). Specifically, the implementation of property through the rule of law creates the private marketplace. E.g., Milton Friedman, The Social Responsibility of Business Is to Increase Its Profits, N.Y. TIMES MAG., Sept. 13, 1970, at 126 (referring to a "free market resting on private property"). Thus, "when property is privatized, and the rule of law is established, in such a way that all including the rulers themselves are subject to the same law, economies will prosper and civilization will blossom." TOM BETHELL, THE NOBLEST VIRTUE: PROPERTY AND PROSPERITY THROUGH THE AGES 3 (1998).
68. CASS R. SUNSTEIN, FREE MARKETS AND SOCIAL JUSTICE 384 (1997) ("Free markets are legally constructed instruments, created by human beings hoping to produce a successful system of social ordering."). Specifically, the implementation of property through the rule of law creates the private marketplace. E.g., Milton Friedman, The Social Responsibility of Business Is to Increase Its Profits, N.Y. TIMES MAG., Sept. 13, 1970, at 126 (referring to a "free market resting on private property"). Thus, "when property is privatized, and the rule of law is established, in such a way that all including the rulers themselves are subject to the same law, economies will prosper and civilization will blossom." TOM BETHELL, THE NOBLEST VIRTUE: PROPERTY AND PROSPERITY THROUGH THE AGES 3 (1998).
69. CASS R. SUNSTEIN, FREE MARKETS AND SOCIAL JUSTICE 384 (1997) ("Free markets are legally constructed instruments, created by human beings hoping to produce a successful system of social ordering."). Specifically, the implementation of property through the rule of law creates the private marketplace. E.g., Milton Friedman, The Social Responsibility of Business Is to Increase Its Profits, N.Y. TIMES MAG., Sept. 13, 1970, at 126 (referring to a "free market resting on private property"). Thus, "when property is privatized, and the rule of law is established, in such a way that all including the rulers themselves are subject to the same law, economies will prosper and civilization will blossom." TOM BETHELL, THE NOBLEST VIRTUE: PROPERTY AND PROSPERITY THROUGH THE AGES 3 (1998).
70. If the wealthier economies of the world are those where property systems allow for the generation of the capital needed for development and growth, the poorer economies are those that lack an adequate property system to generate needed capital. HERNANDO DE SOTO, THE MYSTERY OF CAPITAL 6-7 (2000) (asserting that five-sixths of humanity lack the property systems needed to create capital: "They have houses but not titles; crops but not deeds; businesses but not statutes of incorporation. It is the unavailability of these essential representations [of their resource assets] that explains why people who have adapted every other Western invention . . . have not been able to make their domestic capitalism work."). De Soto summarizes: "What creates capital in the West . . . is an implicit process buried in the intricacies of its formal property systems." Id. at 46. Property is "the place where capital is born." Id. at 47.
71. Hume called the "three fundamental laws of nature that of stability of possession, of transference by consent, and of the performance of promises." DAVID HUME, A TREATISE OF HUMAN NATURE 526 (L. A. Selby-Bigge & P. H. Nidditch eds., Oxford at the Clarendon Press 1978) (1740). These three laws are subsumed in this essay under the one concept of property. Property implies the protected right of private possession, use, and voluntary transfer, including transfer by executory promise. It is a broad concept that theoretically encompasses all rights to exclude others from interfering with one's valued resources. As to the breadth of the concept, see infra notes 39-53 and accompanying text.
72. JOHN LOCKE, SECOND TREATISE OF GOVERNMENT 18 (C.B. Macpherson ed., Hacket Publishing Company, Inc. 1980) (1690).
73. Id. at 19. See also id. at 27 ("[M]an, by being master of himself, and proprietor of his own person, and the actions or labour of it, had still in himself the great foundation of property . . . .") (original emphasis).
74. Id. at 19. See also id. at 27 ("[M]an, by being master of himself, and proprietor of his own person, and the actions or labour of it, had still in himself the great foundation of property . . . .") (original emphasis).
75. Id. at 19. Compare HENRY GEORGE, PROGRESS AND POVERTY 333 (Robert Schalkenbach Foundation 1929) (1879) ("There can be to the ownership of anything no rightful title which is not derived from the title of the producer and does not rest upon the natural right of the man to himself.").
76. Id. at 19. Compare HENRY GEORGE, PROGRESS AND POVERTY 333 (Robert Schalkenbach Foundation 1929) (1879) ("There can be to the ownership of anything no rightful title which is not derived from the title of the producer and does not rest upon the natural right of the man to himself.").
77. Jeremy Bentham, Anarchical Fallacies, in NONSENSE UPON STILTS 46, 53 Jeremy Waldron ed., Methuen 1987) (1791).
78. Quoted in BETHELL, supra note 23, at 173. A hundred and fifty years before Bentham's assertion, Henry Ireton was arguing much the same thing on behalf of the English parliamentary army. JOHN PHILLIP REID, CONSTITUTIONAL HISTORY OF THE AMERICAN REVOLUTION: THE AUTHORITY OF RIGHTS 30-31 (1986) ("The Law of God doth not give me property, nor the Law of Nature, but property is of human constitution. I have a property and this I shall enjoy. Constitution founds property."). Most contemporary authorities agree. MANCUR OLSON, POWER AND PROSPERITY 196 (2000) ("There is no private property without government - individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."); DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 97 (1973) (stating that the government monopolizes "the definition and enforcement of property rights over goods and resources and the granting of rights to the transfer of these assets"); RICHARD PIPES, PROPERTY AND FREEDOM 97 (1999) ("Private property in the legal sense of the word comes into existence with the emergence of the state, that is, public authority.").
79. Quoted in BETHELL, supra note 23, at 173. A hundred and fifty years before Bentham's assertion, Henry Ireton was arguing much the same thing on behalf of the English parliamentary army. JOHN PHILLIP REID, CONSTITUTIONAL HISTORY OF THE AMERICAN REVOLUTION: THE AUTHORITY OF RIGHTS 30-31 (1986) ("The Law of God doth not give me property, nor the Law of Nature, but property is of human constitution. I have a property and this I shall enjoy. Constitution founds property."). Most contemporary authorities agree. MANCUR OLSON, POWER AND PROSPERITY 196 (2000) ("There is no private property without government - individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."); DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 97 (1973) (stating that the government monopolizes "the definition and enforcement of property rights over goods and resources and the granting of rights to the transfer of these assets"); RICHARD PIPES, PROPERTY AND FREEDOM 97 (1999) ("Private property in the legal sense of the word comes into existence with the emergence of the state, that is, public authority.").
80. Quoted in BETHELL, supra note 23, at 173. A hundred and fifty years before Bentham's assertion, Henry Ireton was arguing much the same thing on behalf of the English parliamentary army. JOHN PHILLIP REID, CONSTITUTIONAL HISTORY OF THE AMERICAN REVOLUTION: THE AUTHORITY OF RIGHTS 30-31 (1986) ("The Law of God doth not give me property, nor the Law of Nature, but property is of human constitution. I have a property and this I shall enjoy. Constitution founds property."). Most contemporary authorities agree. MANCUR OLSON, POWER AND PROSPERITY 196 (2000) ("There is no private property without government - individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."); DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 97 (1973) (stating that the government monopolizes "the definition and enforcement of property rights over goods and resources and the granting of rights to the transfer of these assets"); RICHARD PIPES, PROPERTY AND FREEDOM 97 (1999) ("Private property in the legal sense of the word comes into existence with the emergence of the state, that is, public authority.").
81. Quoted in BETHELL, supra note 23, at 173. A hundred and fifty years before Bentham's assertion, Henry Ireton was arguing much the same thing on behalf of the English parliamentary army. JOHN PHILLIP REID, CONSTITUTIONAL HISTORY OF THE AMERICAN REVOLUTION: THE AUTHORITY OF RIGHTS 30-31 (1986) ("The Law of God doth not give me property, nor the Law of Nature, but property is of human constitution. I have a property and this I shall enjoy. Constitution founds property."). Most contemporary authorities agree. MANCUR OLSON, POWER AND PROSPERITY 196 (2000) ("There is no private property without government - individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."); DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 97 (1973) (stating that the government monopolizes "the definition and enforcement of property rights over goods and resources and the granting of rights to the transfer of these assets"); RICHARD PIPES, PROPERTY AND FREEDOM 97 (1999) ("Private property in the legal sense of the word comes into existence with the emergence of the state, that is, public authority.").
82. Quoted in BETHELL, supra note 23, at 173. A hundred and fifty years before Bentham's assertion, Henry Ireton was arguing much the same thing on behalf of the English parliamentary army. JOHN PHILLIP REID, CONSTITUTIONAL HISTORY OF THE AMERICAN REVOLUTION: THE AUTHORITY OF RIGHTS 30-31 (1986) ("The Law of God doth not give me property, nor the Law of Nature, but property is of human constitution. I have a property and this I shall enjoy. Constitution founds property."). Most contemporary authorities agree. MANCUR OLSON, POWER AND PROSPERITY 196 (2000) ("There is no private property without government - individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."); DOUGLASS C. NORTH & ROBERT PAUL THOMAS, THE RISE OF THE WESTERN WORLD: A NEW ECONOMIC HISTORY 97 (1973) (stating that the government monopolizes "the definition and enforcement of property rights over goods and resources and the granting of rights to the transfer of these assets"); RICHARD PIPES, PROPERTY AND FREEDOM 97 (1999) ("Private property in the legal sense of the word comes into existence with the emergence of the state, that is, public authority.").
83. LOCKE, supra note 26, at 69. In fact it should not be surprising that Locke and Bentham are in substantial agreement concerning the societal importance of property. Getting beyond their initial points of departure reveals much substantive concord. See, e.g., EPSTEIN, supra note 19, at 15 ("[U]tilitarian principle, broadly conceived, supports - even dictates - many of the categorical conclusions that natural law thinkers took for granted.").
84. LOCKE, supra note 26, at 69. In fact it should not be surprising that Locke and Bentham are in substantial agreement concerning the societal importance of property. Getting beyond their initial points of departure reveals much substantive concord. See, e.g., EPSTEIN, supra note 19, at 15 ("[U]tilitarian principle, broadly conceived, supports - even dictates - many of the categorical conclusions that natural law thinkers took for granted.").
85. Jeremy Bentham, Principles of the Civil Code, in PROPERTY, MAINSTREAM AND CRITICAL POSITIONS 39, 53 (C.B. Macpherson ed., Basil Blackwell 1978) (1692).
86. ADAM SMITH, THE WEALTH OF NATIONS 767 (Edwin Cannan ed., Modern Library 1994) (1776).
87. "[O]ur attachment for property is of an ancient biological order." ROBERT ARDREY, THE TERRITORIAL IMPERATIVE: A PERSONAL INQUIRY INTO THE ANIMAL ORIGINS OF PROPERTY AND NATIONS 103 (1996). For a discussion of the biological nature of acquisitiveness, possessiveness, and territoriality in other species, in children, and in early human societies, see PIPES, supra note 30, at 64-90. Cf. DAVID M. BUSS, EVOLUTIONARY PSYCHOLOGY: THE NEW SCIENCE OF THE MIND (1999). As a consequence of the drive to pass on one's genes, resource acquisition is very significant to both genders and not only because resources are needed for individual survival. The argument is that females require resources from males to help support slow-developing offspring, and in the mating process they evaluate cues that males will be able and willing to share such resources. These cues include male strength and athletic prowess, good health, ambition, social status, commitment, love, and willingness to invest in children, but the most important cue is actual male possession of needed resources. Id. at 106-23. See also JAMES S. CHISHOLM, DEATH, HOPE AND SEX: STEPS TO AN EVOLUTIONARY ECOLOGY OF MIND AND MORALITY 169 (1999) ("[P]erhaps the most determinant of men's capacity to make a difference in their children's lives . . . has been their access to the resources that women require for bearing and rearing children of high reproductive value."). For purposes of this essay, the implication is that for both genders, the right of individuals to compete for scarce resources through the legal framework of property best accommodates in the modern nation the evolutionary behavioral preferences of acquisitiveness and territoriality by guaranteeing "mine" and "yours" but at the same time by setting limits on acquisitiveness. Because of ancient imperatives, humans today will be more productive and feel "freer" and better protected under a legal regime of property than under any other social system. Professor Epstein advances an evolutionary analysis that is similar, yet not identical to this one. EPSTEIN, supra note 19, at 16-25. The particular view expressed here concerning why individual resources are significant to human history is acknowledged to be tentative and controversial. On the other hand, it explains well what should be today a less controversial conclusion, namely, that as a general rule the state's protection of individual resources leads to national wealth and personal freedom.
88. "[O]ur attachment for property is of an ancient biological order." ROBERT ARDREY, THE TERRITORIAL IMPERATIVE: A PERSONAL INQUIRY INTO THE ANIMAL ORIGINS OF PROPERTY AND NATIONS 103 (1996). For a discussion of the biological nature of acquisitiveness, possessiveness, and territoriality in other species, in children, and in early human societies, see PIPES, supra note 30, at 64-90. Cf. DAVID M. BUSS, EVOLUTIONARY PSYCHOLOGY: THE NEW SCIENCE OF THE MIND (1999). As a consequence of the drive to pass on one's genes, resource acquisition is very significant to both genders and not only because resources are needed for individual survival. The argument is that females require resources from males to help support slow-developing offspring, and in the mating process they evaluate cues that males will be able and willing to share such resources. These cues include male strength and athletic prowess, good health, ambition, social status, commitment, love, and willingness to invest in children, but the most important cue is actual male possession of needed resources. Id. at 106-23. See also JAMES S. CHISHOLM, DEATH, HOPE AND SEX: STEPS TO AN EVOLUTIONARY ECOLOGY OF MIND AND MORALITY 169 (1999) ("[P]erhaps the most determinant of men's capacity to make a difference in their children's lives . . . has been their access to the resources that women require for bearing and rearing children of high reproductive value."). For purposes of this essay, the implication is that for both genders, the right of individuals to compete for scarce resources through the legal framework of property best accommodates in the modern nation the evolutionary behavioral preferences of acquisitiveness and territoriality by guaranteeing "mine" and "yours" but at the same time by setting limits on acquisitiveness. Because of ancient imperatives, humans today will be more productive and feel "freer" and better protected under a legal regime of property than under any other social system. Professor Epstein advances an evolutionary analysis that is similar, yet not identical to this one. EPSTEIN, supra note 19, at 16-25. The particular view expressed here concerning why individual resources are significant to human history is acknowledged to be tentative and controversial. On the other hand, it explains well what should be today a less controversial conclusion, namely, that as a general rule the state's protection of individual resources leads to national wealth and personal freedom.
89. "[O]ur attachment for property is of an ancient biological order." ROBERT ARDREY, THE TERRITORIAL IMPERATIVE: A PERSONAL INQUIRY INTO
90. "[O]ur attachment for property is of an ancient biological order." ROBERT ARDREY, THE TERRITORIAL IMPERATIVE: A PERSONAL INQUIRY INTO THE ANIMAL ORIGINS OF PROPERTY AND NATIONS 103 (1996). For a discussion of the biological nature of acquisitiveness, possessiveness, and territoriality in other species, in children, and in early human societies, see PIPES, supra note 30, at 64-90. Cf. DAVID M. BUSS, EVOLUTIONARY PSYCHOLOGY: THE NEW SCIENCE OF THE MIND (1999). As a consequence of the drive to pass on one's genes, resource acquisition is very significant to both genders and not only because resources are needed for individual survival. The argument is that females require resources from males to help support slow-developing offspring, and in the mating process they evaluate cues that males will be able and willing to share such resources. These cues include male strength and athletic prowess, good health, ambition, social status, commitment, love, and willingness to invest in children, but the most important cue is actual male possession of needed resources. Id. at 106-23. See also JAMES S. CHISHOLM, DEATH, HOPE AND SEX: STEPS TO AN EVOLUTIONARY ECOLOGY OF MIND AND MORALITY 169 (1999) ("[P]erhaps the most determinant of men's capacity to make a difference in their children's lives . . . has been their access to the resources that women require for bearing and rearing children of high reproductive value."). For purposes of this essay, the implication is that for both genders, the right of individuals to compete for scarce resources through the legal framework of property best accommodates in the modern nation the evolutionary behavioral preferences of acquisitiveness and territoriality by guaranteeing "mine" and "yours" but at the same time by setting limits on acquisitiveness. Because of ancient imperatives, humans today will be more productive and feel "freer" and better protected under a legal regime of property than under any other social system. Professor Epstein advances an evolutionary analysis that is similar, yet not identical to this one. EPSTEIN, supra note 19, at 16-25. The particular view expressed here concerning why individual resources are significant to human history is acknowledged to be tentative and controversial. On the other hand, it explains well what should be today a less controversial conclusion, namely, that as a general rule the state's protection of individual resources leads to national wealth and personal freedom.
91. "[O]ur attachment for property is of an ancient biological order." ROBERT ARDREY, THE TERRITORIAL IMPERATIVE: A PERSONAL INQUIRY INTO THE ANIMAL ORIGINS OF PROPERTY AND NATIONS 103 (1996). For a discussion of the biological nature of acquisitiveness, possessiveness, and territoriality in other species, in children, and in early human societies, see PIPES, supra note 30, at 64-90. Cf. DAVID M. BUSS, EVOLUTIONARY PSYCHOLOGY: THE NEW SCIENCE OF THE MIND (1999). As a consequence of the drive to pass on one's genes, resource acquisition is very significant to both genders and not only because resources are needed for individual survival. The argument is that females require resources from males to help support slow-developing offspring, and in the mating process they evaluate cues that males will be able and willing to share such resources. These cues include male strength and athletic prowess, good health, ambition, social status, commitment, love, and willingness to invest in children, but the most important cue is actual male possession of needed resources. Id. at 106-23. See also JAMES S. CHISHOLM, DEATH, HOPE AND SEX: STEPS TO AN EVOLUTIONARY ECOLOGY OF MIND AND MORALITY 169 (1999) ("[P]erhaps the most determinant of men's capacity to make a difference in their children's lives . . . has been their access to the resources that women require for bearing and rearing children of high reproductive value."). For purposes of this essay, the implication is that for both genders, the right of individuals to compete for scarce resources through the legal framework of property best accommodates in the modern nation the evolutionary behavioral preferences of acquisitiveness and territoriality by guaranteeing "mine" and "yours" but at the same time by setting limits on acquisitiveness. Because of ancient imperatives, humans today will be more productive and feel "freer" and better protected under a legal regime of property than under any other social system. Professor Epstein advances an evolutionary analysis that is similar, yet not identical to this one. EPSTEIN, supra note 19, at 16-25. The particular view expressed here concerning why individual resources are significant to human history is acknowledged to be tentative and controversial. On the other hand, it explains well what should be today a less controversial conclusion, namely, that as a general rule the state's protection of individual resources leads to national wealth and personal freedom.
92. Id. See BUSS, supra note 34, at 104 ("The evolution of the female preference for males offering resources may be the most ancient and pervasive basis for female choice in the animal kingdom."). In a study of thirty-seven cultures totaling 10,047 individuals, "[w]omen across all continents, all political systems including socialism and communism), all racial groups, all religious groups, and all systems of mating (from intense polygamy to presumptive monogamy placed more value than men [roughly twice as much] on good financial prospects." Id. at 108-09. Since female resource preferences engender male competition for valued resources, however, resources are important to each gender, and it is these resources that are acquired, possessed, used, and exchanged within the legal framework of property. In society the law of property provides the delicate balance of protection, restraint, and incentive in the human acquisition of resources to mate, procreate, and perpetuate the genes. See also PIPES, supra note 30, at 71 (asserting that "the leading causes of human acquisitiveness [are] the need of territory and of objects with which to sustain oneself and to procreate"). For a related view of human mating, see GEOFFREY F. MILLER, THE MATING MIND 187 (2000) (maintaining that males attract females through "public displays of physical and mental fitness"). Physical and mental fitness is both a resource and an important cue to the potential for acquiring other types of resources.
93. Id. See BUSS, supra note 34, at 104 ("The evolution of the female preference for males offering resources may be the most ancient and pervasive basis for female choice in the animal kingdom."). In a study of thirty-seven cultures totaling 10,047 individuals, "[w]omen across all continents, all political systems including socialism and communism), all racial groups, all religious groups, and all systems of mating (from intense polygamy to presumptive monogamy placed more value than men [roughly twice as much] on good financial prospects." Id. at 108-09. Since female resource preferences engender male competition for valued resources, however, resources are important to each gender, and it is these resources that are acquired, possessed, used, and exchanged within the legal framework of property. In society the law of property provides the delicate balance of protection, restraint, and incentive in the human acquisition of resources to mate, procreate, and perpetuate the genes. See also PIPES, supra note 30, at 71 (asserting that "the leading causes of human acquisitiveness [are] the need of territory and of objects with which to sustain oneself and to procreate"). For a related view of human mating, see GEOFFREY F. MILLER, THE MATING MIND 187 (2000) (maintaining that males attract females through "public displays of physical and mental fitness"). Physical and mental fitness is both a resource and an important cue to the potential for acquiring other types of resources.
94. Id. See BUSS, supra note 34, at 104 ("The evolution of the female preference for males offering resources may be the most ancient and pervasive basis for female choice in the animal kingdom."). In a study of thirty-seven cultures totaling 10,047 individuals, "[w]omen across all continents, all political systems including socialism and communism), all racial groups, all religious groups, and all systems of mating (from intense polygamy to presumptive monogamy placed more value than men [roughly twice as much] on good financial prospects." Id. at 108-09. Since female resource preferences engender male competition for valued resources, however, resources are important to each gender, and it is these resources that are acquired, possessed, used, and exchanged within the legal framework of property. In society the law of property provides the delicate balance of protection, restraint, and incentive in the human acquisition of resources to mate, procreate, and perpetuate the genes. See also PIPES, supra note 30, at 71 (asserting that "the leading causes of human acquisitiveness [are] the need of territory and of objects with which to sustain oneself and to procreate"). For a related view of human mating, see GEOFFREY F. MILLER, THE MATING MIND 187 (2000) (maintaining that males attract females through "public displays of physical and mental fitness"). Physical and mental fitness is both a resource and an important cue to the potential for acquiring other types of resources.
95. See PIPES, supra note 30, at 86 ("Hunting and gathering is a mode of subsistence that has characterized perhaps as much as 99% of humanity's past."). This percentage is calculated on the advent of agriculture about 10,000 years ago, which initiated the end of the long hunter-gatherer period. See Nicholson, supra note 16. The hunter-gatherer period began with the emergence of homo sapiens about 300,000 to 400,000 years ago. TIM MEGARRY, SOCIETY IN PREHISTORY 128 (1995).
96. See PIPES, supra note 30, at 86 ("Hunting and gathering is a mode of subsistence that has characterized perhaps as much as 99% of humanity's past."). This percentage is calculated on the advent of agriculture about 10,000 years ago, which initiated the end of the long hunter-gatherer period. See Nicholson, supra note 16. The hunter-gatherer period began with the emergence of homo sapiens about 300,000 to 400,000 years ago. TIM MEGARRY, SOCIETY IN PREHISTORY 128 (1995).
97. See PIPES, supra note 30, at 86 ("Hunting and gathering is a mode of subsistence that has characterized perhaps as much as 99% of humanity's past."). This percentage is calculated on the advent of agriculture about 10,000 years ago, which initiated the end of the long hunter-gatherer period. See Nicholson, supra note 16. The hunter-gatherer period began with the emergence of homo sapiens about 300,000 to 400,000 years ago. TIM MEGARRY, SOCIETY IN PREHISTORY 128 (1995).
98. See BUSS, supra note 34, at 236 ("[G]enetic relatedness is a pivotal factor in the decision rules of resource allocation.").
99. See ARDREY, supra note 34, at 249 ("An innate compulsion to defend one's property lies, of course, at the heart of the territorial principle . . . . "); PIPES, supra note 30, at 81 ("The more that is known of primitive societies, the more evident appears their tenacity in enforcing exclusive claims to whatever their subsistence depends on.").
100. See ARDREY, supra note 34, at 249 ("An innate compulsion to defend one's property lies, of course, at the heart of the territorial principle . . . . "); PIPES, supra note 30, at 81 ("The more that is known of primitive societies, the more evident appears their tenacity in enforcing exclusive claims to whatever their subsistence depends on.").
101. As used in this context, flourish refers to advancing maximally toward prosperity, efficient resource ordering, and individual freedom. The argument is that heterogeneous societies that do not adequately accommodate natural acquisitiveness with the legal framework of property will not be as prosperous (other things considered) as those that do. See BETHELL, supra note 23, at 341 ("[T]he widespread and secure ownership of property is the sine qua non of prosperity."); LAWRENCE LESSIG, CODE 131 (1990) ("[P]rivate property helps produce a general, and powerful prosperity. No other system we have yet devised better orders economic relations."); NORTH & THOMAS, supra note 30, at 8 ("[E]conomic growth will occur if property rights make it worthwhile to undertake socially productive activity."); SUNSTEIN, supra note 23, at 206 ("It is generally understood that a system of private property, helps to bring about economic prosperity."). Further, if these societies do not recognize property, including the property individuals have in their labor and faculties, government will likely have to organize society through coercion in order to repress the tendencies of natural acquisitiveness. The former Soviet Union, North Korea, Cuba, and other heterogeneous communist countries with poor legal recognition of property are typical examples of societies with such governments.
102. As used in this context, flourish refers to advancing maximally toward prosperity, efficient resource ordering, and individual freedom. The argument is that heterogeneous societies that do not adequately accommodate natural acquisitiveness with the legal framework of property will not be as prosperous (other things considered) as those that do. See BETHELL, supra note 23, at 341 ("[T]he widespread and secure ownership of property is the sine qua non of prosperity."); LAWRENCE LESSIG, CODE 131 (1990) ("[P]rivate property helps produce a general, and powerful prosperity. No other system we have yet devised better orders economic relations."); NORTH & THOMAS, supra note 30, at 8 ("[E]conomic growth will occur if property rights make it worthwhile to undertake socially productive activity."); SUNSTEIN, supra note 23, at 206 ("It is generally understood that a system of private property, helps to bring about economic prosperity."). Further, if these societies do not recognize property, including the property individuals have in their labor and faculties, government will likely have to organize society through coercion in order to repress the tendencies of natural acquisitiveness. The former Soviet Union, North Korea, Cuba, and other heterogeneous communist countries with poor legal recognition of property are typical examples of societies with such governments.
103. As used in this context, flourish refers to advancing maximally toward prosperity, efficient resource ordering, and individual freedom. The argument is that heterogeneous societies that do not adequately accommodate natural acquisitiveness with the legal framework of property will not be as prosperous (other things considered) as those that do. See BETHELL, supra note 23, at 341 ("[T]he widespread and secure ownership of property is the sine qua non of prosperity."); LAWRENCE LESSIG, CODE 131 (1990) ("[P]rivate property helps produce a general, and powerful prosperity. No other system we have yet devised better orders economic relations."); NORTH & THOMAS, supra note 30, at 8 ("[E]conomic growth will occur if property rights make it worthwhile to undertake socially productive activity."); SUNSTEIN, supra note 23, at 206 ("It is generally understood that a system of private property, helps to bring about economic prosperity."). Further, if these societies do not recognize property, including the property individuals have in their labor and faculties, government will likely have to organize society through coercion in order to repress the tendencies of natural acquisitiveness. The former Soviet Union, North Korea, Cuba, and other heterogeneous communist countries with poor legal recognition of property are typical examples of societies with such governments.
104. As used in this context, flourish refers to advancing maximally toward prosperity, efficient resource ordering, and individual freedom. The argument is that heterogeneous societies that do not adequately accommodate natural acquisitiveness with the legal framework of property will not be as prosperous (other things considered) as those that do. See BETHELL, supra note 23, at 341 ("[T]he widespread and secure ownership of property is the sine qua non of prosperity."); LAWRENCE LESSIG, CODE 131 (1990) ("[P]rivate property helps produce a general, and powerful prosperity. No other system we have yet devised better orders economic relations."); NORTH & THOMAS, supra note 30, at 8 ("[E]conomic growth will occur if property rights make it worthwhile to undertake socially productive activity."); SUNSTEIN, supra note 23, at 206 ("It is generally understood that a system of private property, helps to bring about economic prosperity."). Further, if these societies do not recognize property, including the property individuals have in their labor and faculties, government will likely have to organize society through coercion in order to repress the tendencies of natural acquisitiveness. The former Soviet Union, North Korea, Cuba, and other heterogeneous communist countries with poor legal recognition of property are typical examples of societies with such governments.
105. 1 WILLIAM JAMES, THE PRINCIPLES OF PSYCHOLOGY 293 (Dover Publications 1950) (1890). James subsequently repeated his belief that individual resource acquisition and possession is innate. WILLIAM JAMES, THE VARIETIES OF RELIGIOUS EXPERIENCE 315 (Martin E. Marty ed., Penguin Bks. 1982) (1902). ("[T]he instinct of ownership is fundamental in man's nature."). Although evolutionary psychology considers human resource preference to be an evolved psychological mechanism rather than a rigid instinct, the implication both of James and of evolutionary psychology is that societies which systematically suppress the individual acquisition or development of physical, intellectual, and creative resources will inevitably become - other things being equal - less wealthy, less technologically sophisticated, less creative artistically, and, overall, less "free" than societies where the law of property enables such individual acquisition or development.
106. 1 WILLIAM JAMES, THE PRINCIPLES OF PSYCHOLOGY 293 (Dover Publications 1950) (1890). James subsequently repeated his belief that individual resource acquisition and possession is innate. WILLIAM JAMES, THE VARIETIES OF RELIGIOUS EXPERIENCE 315 (Martin E. Marty ed., Penguin Bks. 1982) (1902). ("[T]he instinct of ownership is fundamental in man's nature."). Although evolutionary psychology considers human resource preference to be an evolved psychological mechanism rather than a rigid instinct, the implication both of James and of evolutionary psychology is that societies which systematically suppress the individual acquisition or development of physical, intellectual, and creative resources will inevitably become - other things being equal - less wealthy, less technologically sophisticated, less creative artistically, and, overall, less "free" than societies where the law of property enables such individual acquisition or development.
107. Property is the necessary framework for the maximum encouragement of prosperity, personal freedom, and even intellectual and technological development because these things all flow from the resource incentives that property creates, i.e., the law of property "frees" the natural preferences of individuals, male and female, to acquire, use, develop, and exchange resources, which is impelled not only by survival but also by mating and the perpetuation of the genes, and hence, the species. The legal institution of property promotes individual self-interest, but through the "invisible hand" of the marketplace in which individuals exchange scarce resources to their mutual advantage, it also advances the common good. Such an institution helps all persons, born rich or poor, to maximize the resources they have in themselves, including especially the resources of intelligence, creativity, strength, and motivation. Cf. infra note 45 (citing the fact that property helps the poor even as it helps the wealthy).
108. Cf. BETHELL, supra note 23, at 20 ("Since Roman times, property has been the most important subdivision of the field of law."). If law is, in Justice Holmes' words, "a seamless web," then property lies at the web's center, and the other branches of law radiate outwards from property. Property is certainly central to the private marketplace. OLSON, supra note 30, at 196 (A market economy can "reach its full potential only if all participants have secure and precisely delineated rights to private property."). See also infra note 46.
109. Cf. BETHELL, supra note 23, at 20 ("Since Roman times, property has been the most important subdivision of the field of law."). If law is, in Justice Holmes' words, "a seamless web," then property lies at the web's center, and the other branches of law radiate outwards from property. Property is certainly central to the private marketplace. OLSON, supra note 30, at 196 (A market economy can "reach its full potential only if all participants have secure and precisely delineated rights to private property."). See also infra note 46.
110. In the early days following the collapse of the Soviet Union, consider how difficult it was simply to get food from the countryside to the hungry of the Russian cities: Who owned the food that was going to waste? Who had authority to harvest it? Who owned the harvesting equipment? Who owned the trucks to transport the food to the cities? . . . The mere fact that food is going to waste in the fields while people are hungry in the cities is not enough to get food actually moving from farms to urban pantries. The right people must first acquire the appropriate information and incentives. Under a system of clearly defined property rights, people with information about the situation would have strong incentives to acquire control of whatever resources were needed to move food from where it had no use to where it did. And within a system that allows for free exchange among property owners, the necessary resources will quickly and at low cost come together under the control of those who can put them to valuable use. PAUL HEYNE, THE ECONOMIC WAY OF THINKING 75 (7th ed. 1994).
111. Cf. SUNSTEIN, supra note 23, at 207 ("When property is unowned, no one has a sufficient incentive to use it to its full advantage or to protect it against exploitation. The creation of private property overcomes this problem."). That some nations prosper with adequate property laws and other nations suffer economically with inadequate or no property laws does not suggest that the particular laws of prosperous nations should be imported in toto by poor nations. As North asserts, transferring the formal rules "of successful Western market economies is not a sufficient condition for good economic performance." Douglass C. North, Economic Performance Through Time, 84 AM. ECON. REV. 359, 366 (1994). The enforcement mechanisms and "informal norms" that provide legitimacy to the rules are also vital. Id. See also Padma Desai, A Russian Optimist, CHALLENGE, May 1, 2000, at 5 (quoting Yegor Gaidar, former acting prime minister of Russia: "America had some features of a civil society before independence. It developed into powerful traditions of contract enforcement, rule of law, protection of property rights, and democratic procedures. If someone were to introduce the American constitution and American laws from A to Z in another society, he would fail miserably. The American model functions in America because of its history."); David M. Trubek, Toward a Social Theory of Law: An Essay on the Study of Law and Development, 82 YALE L.J. 1 (1972) (cautioning against wholesale exportation to developing nations of Western laws). These cautions about transplanting particular sets of property law from one population to another in order to jumpstart economic development should be heeded, yet the assertion that the existence of property is critical to maximize prosperity in heterogeneous nations remains accurate. See generally DE SOTO, supra note 24.
112. Cf. SUNSTEIN, supra note 23, at 207 ("When property is unowned, no one has a sufficient incentive to use it to its full advantage or to protect it against exploitation. The creation of private property overcomes this problem."). That some nations prosper with adequate property laws and other nations suffer economically with inadequate or no property laws does not suggest that the particular laws of prosperous nations should be imported in toto by poor nations. As North asserts, transferring the formal rules "of successful Western market economies is not a sufficient condition for good economic performance." Douglass C. North, Economic Performance Through Time, 84 AM. ECON. REV. 359, 366 (1994). The enforcement mechanisms and "informal norms" that provide legitimacy to the rules are also vital. Id. See also Padma Desai, A Russian Optimist, CHALLENGE, May 1, 2000, at 5 (quoting Yegor Gaidar, former acting prime minister of Russia: "America had some features of a civil society before independence. It developed into powerful traditions of contract enforcement, rule of law, protection of property rights, and democratic procedures. If someone were to introduce the American constitution and American laws from A to Z in another society, he would fail miserably. The American model functions in America because of its history."); David M. Trubek, Toward a Social Theory of Law: An Essay on the Study of Law and Development, 82 YALE L.J. 1 (1972) (cautioning against wholesale exportation to developing nations of Western laws). These cautions about transplanting particular sets of property law from one population to another in order to jumpstart economic development should be heeded, yet the assertion that the existence of property is critical to maximize prosperity in heterogeneous nations remains accurate. See generally DE SOTO, supra note 24.
113. Cf. SUNSTEIN, supra note 23, at 207 ("When property is unowned, no one has a sufficient incentive to use it to its full advantage or to protect it against exploitation. The creation of private property overcomes this problem."). That some nations prosper with adequate property laws and other nations suffer economically with inadequate or no property laws does not suggest that the particular laws of prosperous nations should be imported in toto by poor nations. As North asserts, transferring the formal rules "of successful Western market economies is not a sufficient condition for good economic performance." Douglass C. North, Economic Performance Through Time, 84 AM. ECON. REV. 359, 366 (1994). The enforcement mechanisms and "informal norms" that provide legitimacy to the rules are also vital. Id. See also Padma Desai, A Russian Optimist, CHALLENGE, May 1, 2000, at 5 (quoting Yegor Gaidar, former acting prime minister of Russia: "America had some features of a civil society before independence. It developed into powerful traditions of contract enforcement, rule of law, protection of property rights, and democratic procedures. If someone were to introduce the American constitution and American laws from A to Z in another society, he would fail miserably. The American model functions in America because of its history."); David M. Trubek, Toward a Social Theory of Law: An Essay on the Study of Law and Development, 82 YALE L.J. 1 (1972) (cautioning against wholesale exportation to developing nations of Western laws). These cautions about transplanting particular sets of property law from one population to another in order to jumpstart economic development should be heeded, yet the assertion that the existence of property is critical to maximize prosperity in heterogeneous nations remains accurate. See generally DE SOTO, supra note 24.
114. Cf. SUNSTEIN, supra note 23, at 207 ("When property is unowned, no one has a sufficient incentive to use it to its full advantage or to protect it against exploitation. The creation of private property overcomes this problem."). That some nations prosper with adequate property laws and other nations suffer economically with inadequate or no property laws does not suggest that the particular laws of prosperous nations should be imported in toto by poor nations. As North asserts, transferring the formal rules "of successful Western market economies is not a sufficient condition for good economic performance." Douglass C. North, Economic Performance Through Time, 84 AM. ECON. REV. 359, 366 (1994). The enforcement mechanisms and "informal norms" that provide legitimacy to the rules are also vital. Id. See also Padma Desai, A Russian Optimist, CHALLENGE, May 1, 2000, at 5 (quoting Yegor Gaidar, former acting prime minister of Russia: "America had some features of a civil society before independence. It developed into powerful traditions of contract enforcement, rule of law, protection of property rights, and democratic procedures. If someone were to introduce the American constitution and American laws from A to Z in another society, he would fail miserably. The American model functions in America because of its history."); David M. Trubek, Toward a Social Theory of Law: An Essay on the Study of Law and Development, 82 YALE L.J. 1 (1972) (cautioning against wholesale exportation to developing nations of Western laws). These cautions about transplanting particular sets of property law from one population to another in order to jumpstart economic development should be heeded, yet the assertion that the existence of property is critical to maximize prosperity in heterogeneous nations remains accurate. See generally DE SOTO, supra note 24.
115. Cf. SUNSTEIN, supra note 23, at 207 ("When property is unowned, no one has a sufficient incentive to use it to its full advantage or to protect it against exploitation. The creation of private property overcomes this problem."). That some nations prosper with adequate property laws and other nations suffer economically with inadequate or no property laws does not suggest that the particular laws of prosperous nations should be imported in toto by poor nations. As North asserts, transferring the formal rules "of successful Western market economies is not a sufficient condition for good economic performance." Douglass C. North, Economic Performance Through Time, 84 AM. ECON. REV. 359, 366 (1994). The enforcement mechanisms and "informal norms" that provide legitimacy to the rules are also vital. Id. See also Padma Desai, A Russian Optimist, CHALLENGE, May 1, 2000, at 5 (quoting Yegor Gaidar, former acting prime minister of Russia: "America had some features of a civil society before independence. It developed into powerful traditions of contract enforcement, rule of law, protection of property rights, and democratic procedures. If someone were to introduce the American constitution and American laws from A to Z in another society, he would fail miserably. The American model functions in America because of its history."); David M. Trubek, Toward a Social Theory of Law: An Essay on the Study of Law and Development, 82 YALE L.J. 1 (1972) (cautioning against wholesale exportation to developing nations of Western laws). These cautions about transplanting particular sets of property law from one population to another in order to jumpstart economic development should be heeded, yet the assertion that the existence of property is critical to maximize prosperity in heterogeneous nations remains accurate. See generally DE SOTO, supra note 24.
116. An implication of the fact that appropriate property law can benefit developing nations is that the institutionalization of such law helps the poor as much or more than it does the wealthy. Principally, property enforcement by the state protects the resources of the poor and weak from the predations of others, providing a secure base for resource accumulation and capital development. See BETHELL, supra note 23, at 202 ("[I]f property laws are applied equally, they will work above all to the advantage of the poor."); SUNSTEIN, supra note 23, at 210 ("[P]roperty rights help create wealth, and greater wealth will often benefit the most vulnerable as well. Time and again it has been shown that economic growth can do more than welfare and employment programs to benefit the disadvantaged."). Cf. F.A. HAYEK, THE ROAD TO SERFDOM 115 (1944) ("The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not."); LESSIG, supra note 39, at 131 (Property "is a system for ordering economic relations that greatly benefits all members of society.").
117. An implication of the fact that appropriate property law can benefit developing nations is that the institutionalization of such law helps the poor as much or more than it does the wealthy. Principally, property enforcement by the state protects the resources of the poor and weak from the predations of others, providing a secure base for resource accumulation and capital development. See BETHELL, supra note 23, at 202 ("[I]f property laws are applied equally, they will work above all to the advantage of the poor."); SUNSTEIN, supra note 23, at 210 ("[P]roperty rights help create wealth, and greater wealth will often benefit the most vulnerable as well. Time and again it has been shown that economic growth can do more than welfare and employment programs to benefit the disadvantaged."). Cf. F.A. HAYEK, THE ROAD TO SERFDOM 115 (1944) ("The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not."); LESSIG, supra note 39, at 131 (Property "is a system for ordering economic relations that greatly benefits all members of society.").
118. An implication of the fact that appropriate property law can benefit developing nations is that the institutionalization of such law helps the poor as much or more than it does the wealthy. Principally, property enforcement by the state protects the resources of the poor and weak from the predations of others, providing a secure base for resource accumulation and capital development. See BETHELL, supra note 23, at 202 ("[I]f property laws are applied equally, they will work above all to the advantage of the poor."); SUNSTEIN, supra note 23, at 210 ("[P]roperty rights help create wealth, and greater wealth will often benefit the most vulnerable as well. Time and again it has been shown that economic growth can do more than welfare and employment programs to benefit the disadvantaged."). Cf. F.A. HAYEK, THE ROAD TO SERFDOM 115 (1944) ("The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not."); LESSIG, supra note 39, at 131 (Property "is a system for ordering economic relations that greatly benefits all members of society.").
119. An implication of the fact that appropriate property law can benefit developing nations is that the institutionalization of such law helps the poor as much or more than it does the wealthy. Principally, property enforcement by the state protects the resources of the poor and weak from the predations of others, providing a secure base for resource accumulation and capital development. See BETHELL, supra note 23, at 202 ("[I]f property laws are applied equally, they will work above all to the advantage of the poor."); SUNSTEIN, supra note 23, at 210 ("[P]roperty rights help create wealth, and greater wealth will often benefit the most vulnerable as well. Time and again it has been shown that economic growth can do more than welfare and employment programs to benefit the disadvantaged."). Cf. F.A. HAYEK, THE ROAD TO SERFDOM 115 (1944) ("The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not."); LESSIG, supra note 39, at 131 (Property "is a system for ordering economic relations that greatly benefits all members of society.").
120. See generally 2000 INDEX OF ECONOMIC FREEDOM (Gerald P. O'Driscoll, Jr. et al. eds., 1999). In this annual index four of the ten categories measuring economic freedom relate specifically to legal conditions, including property guarantees, in the 161 measured countries. The remaining six categories (e.g., a securities market) are meaningful only when adequate property law is in place. Overall, the index showed a strong positive correlation between growth and the legal framework for economic freedom. Accord JAMES GWARTNEY et al., ECONOMIC FREEDOM OF THE WORLD: 1975-1995 (1996) (stating that nations with the largest increases in economic freedom, defined by the core factors of personal choice, protection of property, and freedom of exchange, registered 2.7% annual GNP growth from 1980 to 1994, whereas nations where the index of economic freedom fell the most averaged 0.6% annual GNP declines during this period); Gerald W. Sully, The Institutional Framework and Economic Development, 96 J. POL. ECON. 952 (1989) (stating that open societies committed to the rule of law, to the recognition of property, and to the private allocation of resources grew at three times the annual rate and were two and a half times more efficient than societies where these freedoms are limited or proscribed). It is important to appreciate that other factors, like "innovation, economies of scale, education, capital accumulation, etc . . . . are not causes of growth; they are growth." NORTH & THOMAS, supra note 30, at 2 (original emphasis). Similarly, "[t]he industrial revolution was not the source of modern economic growth." Id. at 157. Economic growth was "dependent on the development of efficient property rights." Id. At the most basic level, property is the legal description of the arrangement in modern society that best accommodates the arguably natural preference to acquire, possess, and use limited resources. See supra notes 39, 40.
121. See generally 2000 INDEX OF ECONOMIC FREEDOM (Gerald P. O'Driscoll, Jr. et al. eds., 1999). In this annual index four of the ten categories measuring economic freedom relate specifically to legal conditions, including property guarantees, in the 161 measured countries. The remaining six categories (e.g., a securities market) are meaningful only when adequate property law is in place. Overall, the index showed a strong positive correlation between growth and the legal framework for economic freedom. Accord JAMES GWARTNEY et al., ECONOMIC FREEDOM OF THE WORLD: 1975-1995 (1996) (stating that nations with the largest increases in economic freedom, defined by the core factors of personal choice, protection of property, and freedom of exchange, registered 2.7% annual GNP growth from 1980 to 1994, whereas nations where the index of economic freedom fell the most averaged 0.6% annual GNP declines during this period); Gerald W. Sully, The Institutional Framework and Economic Development, 96 J. POL. ECON. 952 (1989) (stating that open societies committed to the rule of law, to the recognition of property, and to the private allocation of resources grew at three times the annual rate and were two and a half times more efficient than societies where these freedoms are limited or proscribed). It is important to appreciate that other factors, like "innovation, economies of scale, education, capital accumulation, etc . . . . are not causes of growth; they are growth." NORTH & THOMAS, supra note 30, at 2 (original emphasis). Similarly, "[t]he industrial revolution was not the source of modern economic growth." Id. at 157. Economic growth was "dependent on the development of efficient property rights." Id. At the most basic level, property is the legal description of the arrangement in modern society that best accommodates the arguably natural preference to acquire, possess, and use limited resources. See supra notes 39, 40.
122. See generally 2000 INDEX OF ECONOMIC FREEDOM (Gerald P. O'Driscoll, Jr. et al. eds., 1999). In this annual index four of the ten categories measuring economic freedom relate specifically to legal conditions, including property guarantees, in the 161 measured countries. The remaining six categories (e.g., a securities market) are meaningful only when adequate property law is in place. Overall, the index showed a strong positive correlation between growth and the legal framework for economic freedom. Accord JAMES GWARTNEY et al., ECONOMIC FREEDOM OF THE WORLD: 1975-1995 (1996) (stating that nations with the largest increases in economic freedom, defined by the core factors of personal choice, protection of property, and freedom of exchange, registered 2.7% annual GNP growth from 1980 to 1994, whereas nations where the index of economic freedom fell the most averaged 0.6% annual GNP declines during this period); Gerald W. Sully, The Institutional Framework and Economic Development, 96 J. POL. ECON. 952 (1989) (stating that open societies committed to the rule of law, to the recognition of property, and to the private allocation of resources grew at three times the annual rate and were two and a half times more efficient than societies where these freedoms are limited or proscribed). It is important to appreciate that other factors, like "innovation, economies of scale, education, capital accumulation, etc . . . . are not causes of growth; they are growth." NORTH & THOMAS, supra note 30, at 2 (original emphasis). Similarly, "[t]he industrial revolution was not the source of modern economic growth." Id. at 157. Economic growth was "dependent on the development of efficient property rights." Id. At the most basic level, property is the legal description of the arrangement in modern society that best accommodates the arguably natural preference to acquire, possess, and use limited resources. See supra notes 39, 40.
123. See generally 2000 INDEX OF ECONOMIC FREEDOM (Gerald P. O'Driscoll, Jr. et al. eds., 1999). In this annual index four of the ten categories measuring economic freedom relate specifically to legal conditions, including property guarantees, in the 161 measured countries. The remaining six categories (e.g., a securities market) are meaningful only when adequate property law is in place. Overall, the index showed a strong positive correlation between growth and the legal framework for economic freedom. Accord JAMES GWARTNEY et al., ECONOMIC FREEDOM OF THE WORLD: 1975-1995 (1996) (stating that nations with the largest increases in economic freedom, defined by the core factors of personal choice, protection of property, and freedom of exchange, registered 2.7% annual GNP growth from 1980 to 1994, whereas nations where the index of economic freedom fell the most averaged 0.6% annual GNP declines during this period); Gerald W. Sully, The Institutional Framework and Economic Development, 96 J. POL. ECON. 952 (1989) (stating that open societies committed to the rule of law, to the recognition of property, and to the private allocation of resources grew at three times the annual rate and were two and a half times more efficient than societies where these freedoms are limited or proscribed). It is important to appreciate that other factors, like "innovation, economies of scale, education, capital accumulation, etc . . . . are not causes of growth; they are growth." NORTH & THOMAS, supra note 30, at 2 (original emphasis). Similarly, "[t]he industrial revolution was not the source of modern economic growth." Id. at 157. Economic growth was "dependent on the development of efficient property rights." Id. At the most basic level, property is the legal description of the arrangement in modern society that best accommodates the arguably natural preference to acquire, possess, and use limited resources. See supra notes 39, 40.
124. BETHELL, supra note 23, at 85 ("The emergence of free markets was in many respects synonymous with . . . the emergence of such institutions as contract in which the state enforced agreements to exchange property on terms that were agreeable to both parties."); FRIEDRICH A. HAYEK, THE CONSTITUTION OF LIBERTY 141 (1969) ("That other people's property can be serviceable in the achievement of our own aims is due mainly to the enforceability of contracts."); OLSON, supra note 30, at 195-96 ("[A] market economy can reach its full potential only if all of the participants in that economy, whether individuals or corporations, native or foreign, have the right to the impartial enforcement of the contracts they make."). For those who may then conclude that contract is the more fundamental concept than property, consider that the subject of a contract is always property, i.e., always an owned resource. Cf. BETHELL, supra note 23, at 101 (quoting Adam Smith's contemporary William Paley that "exchange implies property"). In modern business economies, contracts vitally facilitate the disposition of property it is true, but as important as that function is, it is subsidiary.
125. BETHELL, supra note 23, at 85 ("The emergence of free markets was in many respects synonymous with . . . the emergence of such institutions as contract in which the state enforced agreements to exchange property on terms that were agreeable to both parties."); FRIEDRICH A. HAYEK, THE CONSTITUTION OF LIBERTY 141 (1969) ("That other people's property can be serviceable in the achievement of our own aims is due mainly to the enforceability of contracts."); OLSON, supra note 30, at 195-96 ("[A] market economy can reach its full potential only if all of the participants in that economy, whether individuals or corporations, native or foreign, have the right to the impartial enforcement of the contracts they make."). For those who may then conclude that contract is the more fundamental concept than property, consider that the subject of a contract is always property, i.e., always an owned resource. Cf. BETHELL, supra note 23, at 101 (quoting Adam Smith's contemporary William Paley that "exchange implies property"). In modern business economies, contracts vitally facilitate the disposition of property it is true, but as important as that function is, it is subsidiary.
126. BETHELL, supra note 23, at 85 ("The emergence of free markets was in many respects synonymous with . . . the emergence of such institutions as contract in which the state enforced agreements to exchange property on terms that were agreeable to both parties."); FRIEDRICH A. HAYEK, THE CONSTITUTION OF LIBERTY 141 (1969) ("That other people's property can be serviceable in the achievement of our own aims is due mainly to the enforceability of contracts."); OLSON, supra note 30, at 195-96 ("[A] market economy can reach its full potential only if all of the participants in that economy, whether individuals or corporations, native or foreign, have the right to the impartial enforcement of the contracts they make."). For those who may then conclude that contract is the more fundamental concept than property, consider that the subject of a contract is always property, i.e., always an owned resource. Cf. BETHELL, supra note 23, at 101 (quoting Adam Smith's contemporary William Paley that "exchange implies property"). In modern business economies, contracts vitally facilitate the disposition of property it is true, but as important as that function is, it is subsidiary.
127. BETHELL, supra note 23, at 85 ("The emergence of free markets was in many respects synonymous with . . . the emergence of such institutions as contract in which the state enforced agreements to exchange property on terms that were agreeable to both parties."); FRIEDRICH A. HAYEK, THE CONSTITUTION OF LIBERTY 141 (1969) ("That other people's property can be serviceable in the achievement of our own aims is due mainly to the enforceability of contracts."); OLSON, supra note 30, at 195-96 ("[A] market economy can reach its full potential only if all of the participants in that economy, whether individuals or corporations, native or foreign, have the right to the impartial enforcement of the contracts they make."). For those who may then conclude that contract is the more fundamental concept than property, consider that the subject of a contract is always property, i.e., always an owned resource. Cf. BETHELL, supra note 23, at 101 (quoting Adam Smith's contemporary William Paley that "exchange implies property"). In modern business economies, contracts vitally facilitate the disposition of property it is true, but as important as that function is, it is subsidiary.
128. Nichols asserts that as economies emerge into the international business arena, they move from property transactions based on relationships to those based on contract, which are more formal and legal. Philip M. Nichols, A Legal Theory of Emerging Economies, 39 VA. J. INT'L L. 229, 233-34 (1999). The movement from relational economies to institutionally formed (legal) economies fully supports the argument of this article that law is a necessary foundation for business and business study under conditions of heterogeneity such as exist in international business transactions.
129. Id. See also John Humphrey & Herbert Schmitz, Trust and Inter-Firm Relations in Developing and Transition Economies, 34 J. DEV. STUD. 32, 45 (1998) ("The law [including contract law] supports trust by reducing uncertainty."). Without the certainty of contract, trade is generally limited to a relatively small group. Joseph E. Stiglitz & Lynn Squire, International Development: Is it Possible? The Frontiers of Knowledge, ASAP, Mar. 22, 1998, at 138, available in LEXIS, News Group File ("If there is no accepted recourse in the event of failure to honor a contract, business relationships will remain confined to family members and close acquaintances, resulting in lower levels of investment and less efficient allocation."). Cf. OLSON, supra note 30, at 185 ("Without the right institutional environment, a country will be restricted to trades that are self-enforcing.").
130. Id. See also John Humphrey & Herbert Schmitz, Trust and Inter-Firm Relations in Developing and Transition Economies, 34 J. DEV. STUD. 32, 45 (1998) ("The law [including contract law] supports trust by reducing uncertainty."). Without the certainty of contract, trade is generally limited to a relatively small group. Joseph E. Stiglitz & Lynn Squire, International Development: Is it Possible? The Frontiers of Knowledge, ASAP, Mar. 22, 1998, at 138, available in LEXIS, News Group File ("If there is no accepted recourse in the event of failure to honor a contract, business relationships will remain confined to family members and close acquaintances, resulting in lower levels of investment and less efficient allocation."). Cf. OLSON, supra note 30, at 185 ("Without the right institutional environment, a country will be restricted to trades that are self-enforcing.").
131. Id. See also John Humphrey & Herbert Schmitz, Trust and Inter-Firm Relations in Developing and Transition Economies, 34 J. DEV. STUD. 32, 45 (1998) ("The law [including contract law] supports trust by reducing uncertainty."). Without the certainty of contract, trade is generally limited to a relatively small group. Joseph E. Stiglitz & Lynn Squire, International Development: Is it Possible? The Frontiers of Knowledge, ASAP, Mar. 22, 1998, at 138, available in LEXIS, News Group File ("If there is no accepted recourse in the event of failure to honor a contract, business relationships will remain confined to family members and close acquaintances, resulting in lower levels of investment and less efficient allocation."). Cf. OLSON, supra note 30, at 185 ("Without the right institutional environment, a country will be restricted to trades that are self-enforcing.").
132. See supra notes 7-8 (quoting the presidents of Indonesia and Nigeria).
133. LOCKE, supra note 26, at 19. Thus, he is "proprietor of his own person." Id. at 27. If the use of property in this context seems extraordinarily wide, consider that the word conceptualizes the legal exclusion of others from one's valuable resources, and the exclusion of others from harming the resources of one's person seems appropriate when discussing the relationship of tort to property. Remember also that the purpose of this article is to show that law provides a fundamental principle underlying modern business, which principle is the institution of property under the rule of law. A certain reductionism is therefore appropriately heuristic.
134. Discussions of tort reform can be found in the articles cited supra note 13.
135. As far back as the eighteenth century, Adam Smith complained of the Duke of Cornwall's tin mining regulations that the "sacred rights of private property are sacrificed to the supposed interests of public revenue." SMITH, supra note 33, at 196. A system of private property does not end disagreement over the distribution of resources. How "voluntary" an exchange of resources is, whether one's use of resources interferes with another's property interest, the appropriateness of taxation, and society's responsibility to its weak, young, old, and sick members are but a few resource issues that ignite disagreement and require a legal system for their resolution. The actual setting of limits to resource acquisition, use, and exchange, however they are conceived, will also implicate law and the legal system.
136. It is difficult to overemphasize this point. Without an adequate education in the role of law as it supports the economic system, business students may all too easily dismiss the significance of law, lawyers, and the courts, conflating their disapproval of particular rules and features of enforcement with a rejection of the legal system.
137. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further,
138. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further, according to Reid, "eighteenth century constitutional theorists who utilized the [property-in-rights] concept did not think it a fiction. Rights were incorporeal, but still property. To say they were owned was no more a legal fiction than to say today that to sell a copyright is to transfer ownership, or to say that a chose in action is property." Id at 104-05. In summary: "The concept of property and security of property were civil rights that encompassed a view of the world that defined for eighteenth-century English-speaking people the meaning of law, liberty, and constitutional government." Id. at 40.
139. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further, according to Reid, "eighteenth century constitutional theorists who utilized the [property-in-rights] concept did not think it a fiction. Rights were incorporeal, but still property. To say they were owned was no more a legal fiction than to say today that to sell a copyright is to transfer ownership, or to say that a chose in action is property." Id at 104-05. In summary: "The concept of property and security of property were civil rights that encompassed a view of the world that defined for eighteenth-century English-speaking people the meaning of law, liberty, and constitutional government." Id. at 40.
140. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further, according to Reid, "eighteenth century constitutional theorists who utilized the [property-in-rights] concept did not think it a fiction. Rights were incorporeal, but still property. To say they were owned was no more a legal fiction than to say today that to sell a copyright is to transfer ownership, or to say that a chose in action is property." Id at 104-05. In summary: "The concept of property and security of property were civil rights that encompassed a view of the world that defined for eighteenth-century English-speaking people the meaning of law, liberty, and constitutional government." Id. at 40.
141. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further, according to Reid, "eighteenth century constitutional theorists who utilized the [property-in-rights] concept did not think it a fiction. Rights were incorporeal, but still property. To say they were owned was no more a legal fiction than to say today that to sell a copyright is to transfer ownership, or to say that a chose in action is property." Id at 104-05. In summary: "The concept of property and security of property were civil rights that encompassed a view of the world that defined for eighteenth-century English-speaking people the meaning of law, liberty, and constitutional government." Id. at 40.
142. LOCKE, supra note 26, at 66. Around the time of Locke, others were making similar expressions. See HOWARD NENNER, BY COLOUR OF LAW: LEGAL CULTURE AND POLITICS IN ENGLAND, 1660-1689 36 (1977) (quoting Sir Matthew Hale that "Every man hath an unquestionable property in his own life and in his own self" and William Petyt that British subjects "had a right and Property in their lives and Estates"). For the general implication of this expansive view of property, see PIPES, supra note 30. [I]n Western thought during the seventeenth and eighteenth centuries it [property] acquired a still more comprehensive meaning to include everything that one can claim as one's own, beginning with life and liberty. The whole complex of modern ideas connected with human rights has its source in such an extensive definition of property. Id, at xii (emphasis added). Accord C. B. Macpherson, Introduction to Jeremy Bentham, PROPERTY, MAINSTREAM AND CRITICAL POSITIONS, supra note 32, at 7 (maintaining that "in the seventeenth century, the word property was often used . . . in a sense that seems to us extraordinarily wide: men were said to have a property not only in land and goods and in claims on revenues from leases, mortgages, patents, monopolies, and so on, but also a property in their lives and liberties."); CHARLES TAYLOR, SOURCES OF THE SELF: THE MAKING OF THE MODERN IDENTITY 11 (1989) (stating that in the Western legal system, rights are considered self-possessions of the individual). See also REID, supra note 30, at 97 (asserting that "when used in revolutionary constitutional debates, as well as during earlier English constitutional crises of the seventeenth century, 'property' referred to rights of all kinds"). Further, according to Reid, "eighteenth century constitutional theorists who utilized the [property-in-rights] concept did not think it a fiction. Rights were incorporeal, but still property. To say they were owned was no more a legal fiction than to say today that to sell a copyright is to transfer ownership, or to say that a chose in action is property." Id at 104-05. In summary: "The concept of property and security of property were civil rights that encompassed a view of the world that defined for eighteenth-century English-speaking people the meaning of law, liberty, and constitutional government." Id. at 40.
143. Quoted in PIPES, supra note 30, at xii. Indeed, it is no exaggeration to assert that the Revolutionary War was fought over property issues: [V]irtually every grievance identified by the colonists could be defined as either the endangering or the loss of a property right. Not only was taxation levied by a parliament in which the Americans claimed not to be represented an invasion of property, but so too was any apparent limitation on the right to be tried by a jury of one's peers. At every stage in the controversy to 1776 and beyond, Americans claimed to be defending property rights. P.J. Marshall, Parliament and Property Rights in the Late Eighteenth-Century British Empire, in EARLY MODERN CONCEPTIONS OF PROPERTY 533 (John Brewer & Susan Staves eds., 1996). For a detailed argument of how freedom of speech from colonial times to present depends upon the concept of property, see John McGinnis, The Once and Future Property-Based Vision of the First Amendment, 63 U. CHI. L. REV. 49 (1996).
144. Quoted in PIPES, supra note 30, at xii. Indeed, it is no exaggeration to assert that the Revolutionary War was fought over property issues: [V]irtually every grievance identified by the colonists could be defined as either the endangering or the loss of a property right. Not only was taxation levied by a parliament in which the Americans claimed not to be represented an invasion of property, but so too was any apparent limitation on the right to be tried by a jury of one's peers. At every stage in the controversy to 1776 and beyond, Americans claimed to be defending property rights. P.J. Marshall, Parliament and Property Rights in the Late Eighteenth-Century British Empire, in EARLY MODERN CONCEPTIONS OF PROPERTY 533 (John Brewer & Susan Staves eds., 1996). For a detailed argument of how freedom of speech from colonial times to present depends upon the concept of property, see John McGinnis, The Once and Future Property-Based Vision of the First Amendment, 63 U. CHI. L. REV. 49 (1996).
145. Quoted in PIPES, supra note 30, at xii. Indeed, it is no exaggeration to assert that the Revolutionary War was fought over property issues: [V]irtually every grievance identified by the colonists could be defined as either the endangering or the loss of a property right. Not only was taxation levied by a parliament in which the Americans claimed not to be represented an invasion of property, but so too was any apparent limitation on the right to be tried by a jury of one's peers. At every stage in the controversy to 1776 and beyond, Americans claimed to be defending property rights. P.J. Marshall, Parliament and Property Rights in the Late Eighteenth-Century British Empire, in EARLY MODERN CONCEPTIONS OF PROPERTY 533 (John Brewer & Susan Staves eds., 1996). For a detailed argument of how freedom of speech from colonial times to present depends upon the concept of property, see John McGinnis, The Once and Future Property-Based Vision of the First Amendment, 63 U. CHI. L. REV. 49 (1996).
146. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
147. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
148. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
149. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
150. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
151. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
152. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
153. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
154. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
155. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
156. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
157. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
158. A survey of ten general economics textbooks published since 1995 shows only one that recognizes law and property as central to understanding economic activity. See ROBERT B. EKELUND, JR. & RICHARD AULT, INTERMEDIATE MICROECONOMICS - PRICE THEORY & APPLICATIONS 12-25 (1995); See, e.g., id. at 12 ("[T]he forms of legal institutions regarding contract, property rights, and their enforcement are central to the attainment of high or low economic efficiency. They guide production, exchange, and consumption in all economies.") The other nine micro- and macroeconomics texts totally ignore the fundamental economic significance of the rule of law in the private marketplace. See ALAN J. AUERBACH & LAURENCE J. KOTLIKOFF, MACROECONOMICS - AN INTEGRATED APPROACH (2nd ed. 1998); WILLIAM J. BAUMOL & ALAN S. BLINDER, MACROECONOMICS - PRINCIPLED POLICIES (7th ed. 1997); KARL E. CASE & RAY C. FAIR, PRINCIPLES OF ECONOMICS (5th ed. 1999); ROBERT J. GORDON & JAMES A. WILCOX, MACROECONOMICS (7th ed. 1998); FRED M. GOTTHEIL, PRINCIPLES OF ECONOMICS (2d ed. 1999); FREDERICK G. HAY ET AL., INTERMEDIATE MICROECONOMICS: A PERSPECTIVE ON PRICE THEORY (1996); TATSURO ICHIISHI, MICROECONOMIC THEORY (1997); ARTHUR O'SULLIVAN & STEVEN M. SHEFFRIN, ECONOMICS, PRINCIPLES AND TOOLS (1998); PAUL A. SAMUELSON & WILLIAM D. NORDHAUS, ECONOMICS (17th ed. 1998). Nor did Adam Smith, the founder of modern economics, emphasize the rule of law and the role of property in the prosperity of nations, assigning the key contributing factor to the division and specialization of labor, although he did briefly muse whether "the propensity to truck, barter, and exchange one thing for another" was "one of those original principles in human nature of which no further account can be given . . . ." SMITH, supra note 33, at 39. On the other hand, Marxian economics is quite explicit in its position on the legal institution of property: "[T]he theory of the Communists may be summed up in a single sentence: Abolition of private property." Karl Marx & Frederich Engels. Manifesto of the Communist Party, in 6 KARL MARX, FREDERICK ENGELS: COLLECTED WORKS 477,498 (Jack Cohen et al. eds., 1976).
159. Coase asserted this result about the zero transaction cost world prefatory to observing that it is not the real world. See infra note 59 and accompanying text. The fundamental reading is Ronald H. Coase. The Problem of Social Cost, 3 J. LAW & ECON. 1 (1960).
160. Ronald H. Coase, The Institutional Structure of Production, in NOBEL LECTURES IN ECONOMIC SCIENCE 11, 17 (Torsten Persson ed., 1997) (emphasis added).
161. Id. (emphasis added)
162. According to a 1999 United Nations report, the GNP of the Russian Federation fell by forty-one percent between 1990 and 1997. Cited in DE SOTO, supra note 24, at 215.
163. In his 1993 Nobel lecture, economist Douglass North asserted: "We cannot account for the rise and decline of the Soviet Union and world communism with the tools of neo-classical economic analysis . . . ." North, supra note 44, at 366. North goes on to observe: "It is the admixture of formal rules, informal norms, and enforcement characteristics that shapes economic performance." Id. "Formal rules" are laws; "enforcement characteristics" are the courts, police and administrators; and "informal norms" are the values of the legal culture. In other words, the failure to have the rule of law and the values to support a Western-style, property-based legal system has induced the decline of communism and today inhibits Russian economic progress. Cf. Federal Reserve Chairman Alan Greenspan Addresses Italian-American Business Leaders (Oct. 24, 1997), in FDCH Political Transcripts, available in LEXIS, Webwire ("The dismantling of the central planning function in an economy does not, as some had supposed, automatically establish a free market entrepreneurial system. There is a vast amount of capitalist culture and infrastructure underpinning market economies that have evolved over generations - laws, conventions, behavior, and a wide variety of businesses, professions, and practices that have no important functions in a centrally planned economy.").
164. In his 1993 Nobel lecture, economist Douglass North asserted: "We cannot account for the rise and decline of the Soviet Union and world communism with the tools of neo-classical economic analysis . . . ." North, supra note 44, at 366. North goes on to observe: "It is the admixture of formal rules, informal norms, and enforcement characteristics that shapes economic performance." Id. "Formal rules" are laws; "enforcement characteristics" are the courts, police and administrators; and "informal norms" are the values of the legal culture. In other words, the failure to have the rule of law and the values to support a Western-style, property-based legal system has induced the decline of communism and today inhibits Russian economic progress. Cf. Federal Reserve Chairman Alan Greenspan Addresses Italian-American Business Leaders (Oct. 24, 1997), in FDCH Political Transcripts, available in LEXIS, Webwire ("The dismantling of the central planning function in an economy does not, as some had supposed, automatically establish a free market entrepreneurial system. There is a vast amount of capitalist culture and infrastructure underpinning market economies that have evolved over generations - laws, conventions, behavior, and a wide variety of businesses, professions, and practices that have no important functions in a centrally planned economy.").
165. Michael A. Heller, The Tragedy of the Anticommons: Property in Transition from Marx to Markets, 111 HARV. L. REV. 621, 623 (1998) (stating that current private property in Russia is not structured so that any individual has "a bundle of rights that represents full ownership of scarce resources"); Michael McFaul, Russia's Stalled Democracy, WORLD AND I, Mar. 1, 2000, available in LEXIS, News Group File ("The state's formal presence in the economy remains formidable. Despite years of privatization, it is still the largest owner in Russia . . . .").
166. Michael A. Heller, The Tragedy of the Anticommons: Property in Transition from Marx to Markets, 111 HARV. L. REV. 621, 623 (1998) (stating that current private property in Russia is not structured so that any individual has "a bundle of rights that represents full ownership of scarce resources"); Michael McFaul, Russia's Stalled Democracy, WORLD AND I, Mar. 1, 2000, available in LEXIS, News Group File ("The state's formal presence in the economy remains formidable. Despite years of privatization, it is still the largest owner in Russia . . . .").
167. Virginia Postrel, Low Fidelity: Russia's Pretend Capitalism, 30 REASON 4 (1998) (citing a study of economist Daniel Kaufman stating that "[b]ribes cost $30,000 a year for a small entrepreneur in Russia . . . ."). See also Andrew Higgins, EBRD Says Dispute Tests Russian Legal System, WALL ST. J., Mar. 1, 2000, at A12 (stating that foreign investors frequently are frustrated by Russian courts which are "tainted by allegations of corruption"); McFaul, supra note 63 (stating that "crime and corruption . . . are still rampant . . . ." and citing as reasons "[t]he absence of an independent court system and weak adherence to the rule of law . . . ."). OLSON, supra note 30, at 107, explains why societies like Russia that have a pervasive history of anti-market legal regulation also have such a corrupt lack of adherence to the rule of law: [O]ne reason why many societies have a lot of corruption in government is that they prescribe outcomes that all or almost all private parties have an incentive to avoid, and no one in the private sector has an incentive to report violations to the authorities. Moreover, when caught in violation of the rule, those on both sides of the market have the same incentive to persuade or bribe the officials not to enforce the law. Essentially, all of the private-sector incentives are on the side of undermining the rules. Sooner or later, the government becomes corrupt and ineffective.
168. Virginia Postrel, Low Fidelity: Russia's Pretend Capitalism, 30 REASON 4 (1998) (citing a study of economist Daniel Kaufman stating that "[b]ribes cost $30,000 a year for a small entrepreneur in Russia . . . ."). See also Andrew Higgins, EBRD Says Dispute Tests Russian Legal System, WALL ST. J., Mar. 1, 2000, at A12 (stating that foreign investors frequently are frustrated by Russian courts which are "tainted by allegations of corruption"); McFaul, supra note 63 (stating that "crime and corruption . . . are still rampant . . . ." and citing as reasons "[t]he absence of an independent court system and weak adherence to the rule of law . . . ."). OLSON, supra note 30, at 107, explains why societies like Russia that have a pervasive history of anti-market legal regulation also have such a corrupt lack of adherence to the rule of law: [O]ne reason why many societies have a lot of corruption in government is that they prescribe outcomes that all or almost all private parties have an incentive to avoid, and no one in the private sector has an incentive to report violations to the authorities. Moreover, when caught in violation of the rule, those on both sides of the market have the same incentive to persuade or bribe the officials not to enforce the law. Essentially, all of the private-sector incentives are on the side of undermining the rules. Sooner or later, the government becomes corrupt and ineffective.
169. Virginia Postrel, Low Fidelity: Russia's Pretend Capitalism, 30 REASON 4 (1998) (citing a study of economist Daniel Kaufman stating that "[b]ribes cost $30,000 a year for a small entrepreneur in Russia . . . ."). See also Andrew Higgins, EBRD Says Dispute Tests Russian Legal System, WALL ST. J., Mar. 1, 2000, at A12 (stating that foreign investors frequently are frustrated by Russian courts which are "tainted by allegations of corruption"); McFaul, supra note 63 (stating that "crime and corruption . . . are still rampant . . . ." and citing as reasons "[t]he absence of an independent court system and weak adherence to the rule of law . . . ."). OLSON, supra note 30, at 107, explains why societies like Russia that have a pervasive history of anti-market legal regulation also have such a corrupt lack of adherence to the rule of law: [O]ne reason why many societies have a lot of corruption in government is that they prescribe outcomes that all or almost all private parties have an incentive to avoid, and no one in the private sector has an incentive to report violations to the authorities. Moreover, when caught in violation of the rule, those on both sides of the market have the same incentive to persuade or bribe the officials not to enforce the law. Essentially, all of the private-sector incentives are on the side of undermining the rules. Sooner or later, the government becomes corrupt and ineffective.
170. Virginia Postrel, Low Fidelity: Russia's Pretend Capitalism, 30 REASON 4 (1998) (citing a study of economist Daniel Kaufman stating that "[b]ribes cost $30,000 a year for a small entrepreneur in Russia . . . ."). See also Andrew Higgins, EBRD Says Dispute Tests Russian Legal System, WALL ST. J., Mar. 1, 2000, at A12 (stating that foreign investors frequently are frustrated by Russian courts which are "tainted by allegations of corruption"); McFaul, supra note 63 (stating that "crime and corruption . . . are still rampant . . . ." and citing as reasons "[t]he absence of an independent court system and weak adherence to the rule of law . . . ."). OLSON, supra note 30, at 107, explains why societies like Russia that have a pervasive history of anti-market legal regulation also have such a corrupt lack of adherence to the rule of law: [O]ne reason why many societies have a lot of corruption in government is that they prescribe outcomes that all or almost all private parties have an incentive to avoid, and no one in the private sector has an incentive to report violations to the authorities. Moreover, when caught in violation of the rule, those on both sides of the market have the same incentive to persuade or bribe the officials not to enforce the law. Essentially, all of the private-sector incentives are on the side of undermining the rules. Sooner or later, the government becomes corrupt and ineffective.
171. The need for law and adequate legal systems is endemic to developing nations. See Lan Cao, Law and Economic Development: A New Beginning?, 32 TEX. INT'L L.J. 545 (1997) ("As transitional economies in Eastern Europe, Africa, and Asia adopt measures to loosen the monolithic hold the state once exerted on the economy . . . the relationship between law and economic development is becoming all the more urgent.").
172. Symposium, Constitutional "Refolution" in the Ex-Communist World: The Rule of Law, 12 AM. U. J. INT'L L. & POL'Y 45, 62 (1997) ("Finally, there is a long-term problem not just for Russia, but even more so for other post-Soviet states, of building, or to be more accurate, 'growing,' a legal culture supportive of rule of law institutions.") (statement of Robert Sharlet); see also North, supra note 44 (discussing the need for informal cultural norms to support economic growth).
173. Symposium, Constitutional "Refolution" in the Ex-Communist World: The Rule of Law, 12 AM. U. J. INT'L L. & POL'Y 45, 62 (1997) ("Finally, there is a long-term problem not just for Russia, but even more so for other post-Soviet states, of building, or to be more accurate, 'growing,' a legal culture supportive of rule of law institutions.") (statement of Robert Sharlet); see also North, supra note 44 (discussing the need for informal cultural norms to support economic growth).
174. Bentham says, "[N]o habit of obedience, and thence no government - no government and thence no laws - no laws, and thence . . . no property . . . ." Bentham, supra note 29, at 53.
175. Even in the West a legal culture or social consensus is required to support the rule of law. E.g., Barry R. Weingast, The Economic Role of Political Institutions: Market-Preserving Federalism, 11 J.L. ECON. & ORG. 1, 26 (1995) ("The critical feature for England and the United States is that the success of constitutional constraints promoting the rule of law depended on the emergence of a social consensus about the appropriate limits of the state.").
176. HAYEK, supra note 47, at 139.
177. To say that law is an "institutional discipline" means that it is a vast body of knowledge, compounded of historical material, modes of textual analysis, and various philosophical concerns. It is a formal inquiry into our behavior and ideals that proceeds essentially through language. It is a humanistic study - both as a body of material wrought of words and a set of analytic skills and procedural claims involving linguistic mastery. A. Bartlett Giamatti, American Public Needs to Learn More About the Law, LEGAL TIMES, Nov.
178. To say that law is an "institutional discipline" means that it is a vast body of knowledge, compounded of historical material, modes of textual analysis, and various philosophical concerns. It is a formal inquiry into our behavior and ideals that proceeds essentially through language. It is a humanistic study - both as a body of material wrought of words and a set of analytic skills and procedural claims involving linguistic mastery. A. Bartlett Giamatti, American Public Needs to Learn More About the Law, LEGAL TIMES, Nov. 29, 1982, at 8. As an institutional discipline, law provides the foundation for business, a recognition both implicit and explicit in the economic study of institutions. See NORTH, supra note 19. North describes institutions as "rules of the game" and the "constraints that shape human interaction" and "structure incentives in human exchange." NORTH, supra note 19, at 3. Although informal values also comprise institutions, many institutions that North focuses on are legal ones such as "the United States Constitution" and "the common law." Id. at 4. These institutions found business because "institutional constraints result in particular exchange organizations [e.g., businesses such as corporations] that have come into existence because of incentives embodied in the framework and therefore depend on it for the profitability of the activities that they undertake." Id. at 8. Cf. Coase, supra note 59, reminding economists "that what are traded on the market are not . . . physical entities but the rights to perform certain actions and the rights which individuals possess are established by the legal system." The institution of property establishes the basis for trade.
179. To say that law is an "institutional discipline" means that it is a vast body of knowledge, compounded of historical material, modes of textual analysis, and various philosophical concerns. It is a formal inquiry into our behavior and ideals that proceeds essentially through language. It is a humanistic study - both as a body of material wrought of words and a set of analytic skills and procedural claims involving linguistic mastery. A. Bartlett Giamatti, American Public Needs to Learn More About the Law, LEGAL TIMES, Nov. 29, 1982, at 8. As an institutional discipline, law provides the foundation for business, a recognition both implicit and explicit in the economic study of institutions. See NORTH, supra note 19. North describes institutions as "rules of the game" and the "constraints that shape human interaction" and "structure incentives in human exchange." NORTH, supra note 19, at 3. Although informal values also comprise institutions, many institutions that North focuses on are legal ones such as "the United States Constitution" and "the common law." Id. at 4. These institutions found business because "institutional constraints result in particular exchange organizations [e.g., businesses such as corporations] that have come into existence because of incentives embodied in the framework and therefore depend on it for the profitability of the activities that they undertake." Id. at 8. Cf. Coase, supra note 59, reminding economists "that what are traded on the market are not . . . physical entities but the rights to perform certain actions and the rights which individuals possess are established by the legal system." The institution of property establishes the basis for trade.
180. To say that law is an "institutional discipline" means that it is a vast body of knowledge, compounded of historical material, modes of textual analysis, and various philosophical concerns. It is a formal inquiry into our behavior and ideals that proceeds essentially through language. It is a humanistic study - both as a body of material wrought of words and a set of analytic skills and procedural claims involving linguistic mastery. A. Bartlett Giamatti, American Public Needs to Learn More About the Law, LEGAL TIMES, Nov. 29, 1982, at 8. As an institutional discipline, law provides the foundation for business, a recognition both implicit and explicit in the economic study of institutions. See NORTH, supra note 19. North describes institutions as "rules of the game" and the "constraints that shape human interaction" and "structure incentives in human exchange." NORTH, supra note 19, at 3. Although informal values also comprise institutions, many institutions that North focuses on are legal ones such as "the United States Constitution" and "the common law." Id. at 4. These institutions found business because "institutional constraints result in particular exchange organizations [e.g., businesses such as corporations] that have come into existence because of incentives embodied in the framework and therefore depend on it for the profitability of the activities that they undertake." Id. at 8. Cf. Coase, supra note 59, reminding economists "that what are traded on the market are not . . . physical entities but the rights to perform certain actions and the rights which individuals possess are established by the legal system." The institution of property establishes the basis for trade.
181. See generally Donald N. McCloskey, The Rhetoric of Law and Economics, 86 MICH. L. REV. 752 (1988). Economic historian McCloskey suggests that economics is "misused" when it is "represented as a nonmoral science like meteorology." Id. at 766. He adds: "If the noble science of the economy is to have an effect on the noble science of the law, it must not achieve it by a specious rhetoric of authority, arguing that economic reasoning is especially scientific or objective or some other word from the philosophical ruminations of sophomores." Id. Samuels argues that law and economics are not "distinct spheres" at a deep level and that the values of law and economics merge. Warren J. Samuels, The Legal-Economic Nexus, 57 GEO. WASH. L. REV. 1556, 1558 (1989) (defining "the legal-economic nexus" as "the sphere of what is really going on at the deepest level of social existence").
182. See generally Donald N. McCloskey, The Rhetoric of Law and Economics, 86 MICH. L. REV. 752 (1988). Economic historian McCloskey suggests that economics is "misused" when it is "represented as a nonmoral science like meteorology." Id. at 766. He adds: "If the noble science of the economy is to have an effect on the noble science of the law, it must not achieve it by a specious rhetoric of authority, arguing that economic reasoning is especially scientific or objective or some other word from the philosophical ruminations of sophomores." Id. Samuels argues that law and economics are not "distinct spheres" at a deep level and that the values of law and economics merge. Warren J. Samuels, The Legal-Economic Nexus, 57 GEO. WASH. L. REV. 1556, 1558 (1989) (defining "the legal-economic nexus" as "the sphere of what is really going on at the deepest level of social existence").
183. From 1751 to 1763 when Smith was formulating the ideas that make up The Wealth of Nations, published in 1776, he held the position of Professor of Moral Philosophy at the University of Glasgow. SMITH, supra note 33, at vii.
184. One can point to resource redistribution trends in the United States that began with progressive income taxation, land use regulation, and the New Deal, as evidence of a deterioration of the values supporting a legal culture committed to property and laws of general and equal applicability. See, e.g., BETHELL, supra note 23, at 293-309. Whether this evidence overstates the case for deterioration is arguable, but that the populace generally and business students in particular need to appreciate law, the rule of law, and property as the institutional basis for understanding economic prosperity seems indubitable and incontrovertible. In failing to understand the property foundation of capitalism, "there always remains the possibility that the West might damage the source of its own strength." DE SOTO, supra note 24, at 8.
185. One can point to resource redistribution trends in the United States that began with progressive income taxation, land use regulation, and the New Deal, as evidence of a deterioration of the values supporting a legal culture committed to property and laws of general and equal applicability. See, e.g., BETHELL, supra note 23, at 293-309. Whether this evidence overstates the case for deterioration is arguable, but that the populace generally and business students in particular need to appreciate law, the rule of law, and property as the institutional basis for understanding economic prosperity seems indubitable and incontrovertible. In failing to understand the property foundation of capitalism, "there always remains the possibility that the West might damage the source of its own strength." DE SOTO, supra note 24, at 8.
186. Quoted in O. LEE REED ET AL., THE STATUS OF LAW IN ACADEMIC BUSINESS STUDY: 1998 REPORT OF THE PRESIDENT'S TASK FORCE 11 (1998). A former president of Yale University, who is not a lawyer, more forcefully expressed the need for education concerning law: "I think America's ignorance about the law is neither inevitable nor trivial. I also think it is a scandal." Giamatti, supra note 70, at 8. He also stated: "I think . . . the first responsibility to educate about the law lies with the centers of education." Id.
187. Quoted in O. LEE REED ET AL., THE STATUS OF LAW IN ACADEMIC BUSINESS STUDY: 1998 REPORT OF THE PRESIDENT'S TASK FORCE 11 (1998). A former president of Yale University, who is not a lawyer, more forcefully expressed the need for education concerning law: "I think America's ignorance about the law is neither inevitable nor trivial. I also think it is a scandal." Giamatti, supra note 70, at 8. He also stated: "I think . . . the first responsibility to educate about the law lies with the centers of education." Id.
188. Cf. NORTH & THOMAS, supra note 30, at 1 (stating that the "affluence" of the West is "a new and unique phenomenon" and "unique historical achievement" dependent upon the incentives created by "the establishment of institutional arrangements and property rights").
189. Coase, supra note 58.
190. 4 JOHN ADAMS, THE WORKS OF JOHN ADAMS 106 (Charles Francis Adams ed., Little Brown 1850) (1774). Compare Marbury v. Madison, 5 U.S. 137, 163 (1803) (Marshall, C.J.) ("The government of the United States has been emphatically termed a government of laws, and not of men.").
191. The basis for this business productivity was foreshadowed by de Tocqueville, who wrote: "In no country in the world is the love of property more active and more anxious than in the United States; nowhere does the majority display less inclination for those principles which threaten to alter, in whatever manner, the laws of property." 2 ALEXIS DE TOCQUEVILLE, DEMOCRACY IN AMERICA 256 (Phillips Bradley ed., Alfred A. Knopf 1945) (1840).
192. Cf. HAYEK, supra note 47, at 159 ("Yet few beliefs have been more destructive than the idea that the rule is binding only if the beneficial effect of observing it in the particular instance can be recognized.").
193. In 1997-98 there were 100,395 international students studying business and management in the United States. INSTITUTE OF INTERNATIONAL EDUCATION, OPEN DOORS REPORT ON INTERNATIONAL EDUCATION CHANGE 64 (Todd M. Davis ed. 1998).