LexisNexis created an online tool which allows legal bodies and corporates to understand how 102 different nations’ legal systems measure up against over 40 indicators of rule of law. The data used in creating the tracker was retrieved from the World Bank, Transparency International and the World Justice Project.
Followed by Norway, Sweden, Finland, the Netherlands, New Zealand, Austria, Germany and Singapore, the strongest legal system belongs to Denmark, scoring 87% on the index. Australia had the tenth highest score, 80%.
The Not So Good
On the other end of the spectrum, Venezuela scored 32%, the lowest ranking on the index. Below 40% were also Afghanistan, Zimbabwe, Cambodia and Pakistan.
Some interesting trends can be observed, as the LexisNexis tracker allows users to manipulate five factors – GDP per capita, levels of corruption, child mortality, homicide rates and life expectancy – and study their correlations with rule of law.
A 10% increase in the global mean score for rule of law would boost GDP per capita by $7,000, push child mortality from 24 to 16 per 1,000, decrease crime by 30 per cent and increase the average life expectancy by more than two years, says a LexisNexis analysis.
“The rule of law provides the foundation for how we live, the freedoms we have, and the degree of security that we enjoy. International companies also know that strong rule of law is crucial for doing business,” says LexisNexis CEO, Mike Walsh.
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