Yes, exactly
Rule of law vs GDP per capita, courtesy of the Lexis Nexis Rule of Law Foundation. (I'm surprised China ranks so low in rule of law. If that's accurate, this graph suggests China will have to change significantly to become as rich as I'd been assuming it would.)pic.twitter.com/TWXF6RECcZ
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I suspect the reason is that there is no independent judiciary. The concept of rule of law on that report is very biased towards the democratic idea of rule of law.
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I would like to understand the data behind the 'rule of law' axis. Do you know where I can find the report/original source where this is from?
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Interesting chart. Maybe the explanation for China continuing to grow so fast is that strictly for GDP, the way rule of law applies to business could matter more than how it applies to say things like human rights.
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Do we know what the far top right dot is, all on its own? Why isn't it labeled, and what can we learn there?
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Also, China did move to more inclusive economic institutions, but its political institutions remained unchanged. As Ronald Coase brilliantly said in "How China Became Capitalist": "China has developed a robust market for goods, but it still lacks a free market for ideas."
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Maybe the graph will have to change to fit the data ! Our limited training set may have had high bias
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