From Justice to Prosperity: The Rule of Law’s Impact on Economic Performance in the European Union

Abstract

The rule of law plays an important role in fostering and advancing economic growth, not just within the EU, but on a global scale. The purpose of this article is to provide insight into the complex connections between law and economic development by combining empirical research and theoretical perspectives, and thus to further contribute to a deeper understanding of their complex dynamics. Certain correlations that are commonly acknowledged are confirmed, along with few notable exceptions. The findings underscore the imperative to cultivate a nuanced comprehension of how the rule of law influences economic performance, as such understanding is crucial for the decisionmaking processes of policymakers and companies, allowing them to adopt informed and well-founded decisions.