Capital Markets: The Rule of Law and Regulatory Reform

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Why drag the concept of the rule of law into a discussion of how to wring more nifty concepts out of the minds of scientists and entrepreneurs? Every time the regulatory rug is pulled out from under the feet of a long‐​term investor, it dampens his enthusiasm for investment. The results are short‐​term regulatory arbitrage and slower growth. This paper outlines some regulatory reforms to provide certainly and fairness to long‐​range investors and business planners.