What is the Rule of Law

The video explains the rule of law as the orderly execution of laws by governing bodies, ensuring equal application to all citizens. This uniformity prevents individuals from exploiting the legal system for personal gain, fostering trust and economic productivity. The certainty provided by the rule of law allows individuals to engage in economic activities, such as selling goods and extending credit, with confidence that their rights will be protected. This legal framework supports economic growth by enabling transactions beyond immediate resources, ultimately spurring economic activity.

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