The Rule of Law As a Factor of Economic Development

Abstract

The problem of the interrelation between the economy and law is considered in light of the rule-of-law principle, which is implemented most distinctly in the activity of national and international judicial bodies. It is justified that, under the conditions of general globalizing processes, the correlation between economic and judicial structural institutions becomes even closer, because effective market relations exist only in a legal framework, which provides all interested agents with personal property and nonproperty rights and obligations, including through high institutional and procedural standards in the sphere of justice.