Rule of law
Rule of law is a basic conservative principle of governance by laws, not men. Rule of law requires fidelity and adherence to rational, objective laws, and respect for their plain meaning, rather than arbitrary rule by personal whim. Generally, countries with a higher level of rule of law have a higher level of economic output compared to those countries with a lower level of rule of law.
The U.S. Citizenship Test asks what is the “rule of law”. There are four acceptable answers: “Everyone must follow the law”; “Leaders must obey the law”; “Government must obey the law”; “No one is above the law.” Judge Richard Posner wrote “These are all incorrect. The rule of law means that judges decide cases ‘without respect of persons,’ that is, without considering the social status, attractiveness, etc. of the parties or their lawyers.”