The experience of “bandit capitalism” or “tyrant capitalism” in postcommunist societies shows that markets cannot work properly without a community of trust and mutual respect. Such a community can be achieved only where there is a rule of law, applied by able and independent judges.
About the Author
Charles Fried is Beneficial Professor of Law at Harvard University Law School. Born in Prague, he has served as Solicitor General of the United States (1985-89) and as an Associate Justice of the Supreme Judicial Court of Massachusetts (1995-99). His publications include Contract as Promise (1981) and Order and Law: Arguing the Reagan Revolution (1991).
Jordan gets much good press for having one of the more open and liberal regimes in the Arab world, but that reputation masks a considerably grimmer reality.
Such a comparison clearly shows a higher prevalence of democracy in Latin America and a better economic performance in East Asia. The two regions are likely to converge on both…
