Rule of law is crucial from "summary" of Capitalism and Freedom by Milton Friedman
The concept of the rule of law is crucial to a free society. It provides a framework within which individuals can pursue their own interests and live their lives as they see fit. Without the rule of law, there would be chaos and anarchy, with individuals free to do as they please without fear of consequences. The rule of law ensures that there are clear and transparent rules that apply to everyone, regardless of their status or wealth. This helps to prevent arbitrary and capricious actions by those in power and ensures that individuals are treated fairly and equally under the law. In a society based on the rule of law, individuals are free to enter into contracts and agreements with one another, secure in the knowledge that these agreements will be enforced by the legal system. This allows for economic activity to flourish, as individuals can trust that their property rights will be respected and that they will be able to enjoy the fruits of their labor. Furthermore, the rule of law helps to protect individuals from the arbitrary exercise of power by the government. It limits the ability of the government to infringe on individual rights and ensures that there are mechanisms in place to hold government officials accountable for their actions.- The rule of law is essential for the proper functioning of a free society. It provides the necessary framework for individuals to pursue their own interests and live their lives in peace and prosperity. Without the rule of law, individual freedom would be at risk, and society would descend into chaos and tyranny.
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