 | Author: Klaus Decker, Caroline Sage And Milena Stefanova Date Published: 1:08:17 AM Thursday, 23-January-2020 It is now widely accepted that the ‘rule of law’ is key to sustainable development. The different legal or rule-based systems in any given society underpin the institutions that govern both market and non-market interactions; they determine the distribution of economic, social and political rights and obligations affecting both economic and noneconomic relationships. They shape the regulation of market practices and the delivery of public services., and hence the opportunities people have to take part in economic activity and generate fair returns. 1 Legal institutions also provide mechanisms to mediate conflict resolve disputes and sustain peace and order. |
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