Between rule of law and growth In the academic literature, the rule of law is sometimes considered a component of governance and sometimes considered a separate dimension of development {as I am doing here}. As noted in chapter 17, the key aspects of rule of law that are linked to growth are property rights and contract enforcement. There is a large literature demonstrating that this correlation exists. Most economists take this relationship for granted, though it is not clear that universal and equal property rights are necessary for this to happen. In many societies, stable property rights exist only for certain elites, and this is sufficient to produce growth for at least certain periods of time.24 Furthermore, societies like contemporary China with "good enough" property rights that yet lack traditional rule of law can nonetheless achieve very high levels of growth.
( Francis Fukuyama )
[ The Origins of Political ]
www.QuoteSweet.com