Historically in much of the world, the yoke of regulatory burden has contributed to the impoverishment of billions.

In a little-known 2006 World Bank report Where Is the Wealth of Nations? a team of economists provide a snapshot of wealth in 120 countries, and they find that governance is key. A full 46 percent of total wealth in high-income countries derives from the rule of law, the most important factor. This is an...
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