Structural reform recommendations for the judiciary focused on production of quality legal services, creation of added value for a strong economy

The international reputation of a country doubles when its society has confidence in their judiciary. A well-functioning judiciary brings with it confidence and reputation to economic relations, automatically boosting the value of assets. There is no need for investors, producers or owners to make any effort to ensure this increase in value.

The rule of law is vital for the business world, because economic relations are all based upon legal relationships. All relations between the supplier and the manufacturer, the manufacturer and its employees and managers, the manufacturer and the consumers, are legal relations. If the economy can be regarded as production and trade, then the law constitutes the relations, i.e. the lifeblood of production and trade. The two are inseparable. The better the judiciary functions, the better the economy is. Conversely where the judiciary performs poorly, the economy suffers.

The rule of law allows the business world and investors to better anticipate changes that will affect their businesses and the environment they operate in. This includes being able to count on the fact that the government’s decisions will be taken according to the rules; to make long term plans; to trust in guarantees received from third parties as a result of legal relations; to receive payment for the goods they sell; to collect the credit they provide; and to protect the brand, know-how and innovations they create.

In countries where the rule of law is advanced, confidence in the business world grows; the value of the judiciary, investments and assets increases spontaneously. The value of two exactly identical investments is many times higher in a country where the law prevails. Because, at the very least, the commercial reputation of businesses increases; improvement in reputation revives economic activities by creating confidence in economic relations and it also boosts loans and relatively reduces interest rates and other costs.

Türkiye Cumhuriyeti Kamuoyuna

31 Ağustos 2022

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