Rule Of Law In The United States

1) The rule of law, coupled with limited government and open political participation

I am going to start by defining what the rule of law is. It is the principle that says that no person or government institution is above the law. Everybody has to obey the law without exception. The rule of law contributes to the economy growth for these aspects. It is important for capitalism. The necessity of long-term agreements and contracts requires the use of law, the law protects both buyers (they will get what they pay) and sellers (legal competitive market). Another reason is that people have the opportunity to have a job and receive a salary for their work. The law protects workers and ensure that they receive the fruit of their work (wage) according

A property can be defined as a real state investment, a personal property (houses, cars), or as intangible properties (copyrights, intellectual property). In the case of private property, the law gives people the opportunity to use/posses a good or asset for consumption or to generate income. It protects ownerships, and punishes people or entities that violate the right. It contributes to economic growth taking into consideration all the property policies that a specific country has. In the United States, people feel secured that there is a legal protection of their property rights, it is reliable for them to invest. However, there are countries such as Venezuela where property rights are not respected, and governments and other entities can expropriate people from their personal properties; which leads to a decrease in the economy.

3) Open, competitive markets with the freedom of entry and exit, widespread access to capital and information, low transaction costs, mobile resource inputs, and reliable contract enforcement

A competitive market is important because no single supplier or no single consumer determines how the market is going to operate. Government policies ensures an efficient and legal competitions between firms, which leads to an economic growth. The key factor here is if policies that governments estipulate are enough strong to maintain this fairness. People are free to choose where to invest their money, where to buy what they need. And countries have the ability to exchange products and services with other countries if it causes an improvement of the