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Thought on the Rule of Law

" . . . nothing distinguishes more clearly conditions in a free country from those in a country under arbitrary government than the observance in the former of the great principles known as the Rule of Law. Stripped of all technicalities, this means that government in all its actions is bound by rules fixed and announced beforehand—rules which make it possible to foresee with fair certainty how the authority will use its coercive powers in given circumstances and to plan one’s individual affairs on the basis of this knowledge . . . [T]he discretion left to the executive organs wielding coercive power should be reduced as much as possible."

~ Friedrich Hayek

HT Essay by John B. Taylor, Published by Hoover Institution

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