Law is the most significant social force. Law is made up of rules, which are created by the government and backed by enforcement. The rule of law states that laws are made generally and are equally applied to all. Which of the following statement regarding the rule of law is true?
Without the rule of law, the government’s many involvements in the economy would be unfair, inefficient, and opaque.
Without the rule of law, corporations, banks, and other major institutions would not funcion.
Both of the above statements.
Neither of the above statements.
Answer
Both of the above statements.
- Without the rule of law, the government’s many involvements in the economy would be unfair, inefficient, and opaque.
- Without the rule of law, corporations, banks, and other major institutions would not funcion.
Explanation
This is the case because it has been said before that without the rule of law, major economic institutions such as corporations, banks, and labor unions would not function, and also another thing is that the government’s many involvements in the economy- for instance the regulatory mechanisms and customs structures among others, would be unfair, inefficient, and opaque.
