Importance of Legal System

In 350 B.C., Aristotle said, the rule of law is better than the rule of any individual. In our legal system, the law is a system of rules and regulations, enforced by government, primarily through the judicial and executive branches.

  • To what extent can our legal system ensure order and stability in society and particularly, in the business world?
  • Give a recent example from your research concerning any alleged failure of the legal system that led to instability in business and society.
  • How would you explain the importance of stability and predictability in our legal system in the context of the recent problems in the financial services industry (e.g. “sub-prime mortgages”,  Bernie Madoff)?

Respond to each question in one to two paragraphs.