Law is the set of practices that a community recognizes as binding, enforced by social or governmental institutions. Law embodies the principles of rationality, fairness, justice, order and integrity. Legal systems vary worldwide, but all have a common basis: a constitution or charter.
Law permeates human societies in a variety of ways, influencing governance, commerce, relationships and individual rights. The concept of law encompasses a broad range of disciplines and areas of human activity: contract law regulates agreements to exchange goods and services; criminal law covers the prosecution of crimes; property law defines one’s right and duties toward tangible (e.g. land and buildings) and intangible assets (e.g. shares, bank accounts and contracts). The field of law includes the study of legal practice, legal history, and legal philosophy.
The precise definition of law is a matter of debate. Early writers such as Jeremy Bentham used the term to refer to “commands, backed by threat of sanctions, from a sovereign to whom people have a habit of obedience”. Modern law philosophers such as John Austin argued that law is simply a set of rules created for our own benefit. Other scholars, such as Jean-Jacques Rousseau, viewed laws as reflecting natural and unchanging principles of morality.
A central role of law is to provide a framework for orderly social change. In a society with a stable legal system, people can plan for the future, take risks and pursue economic opportunity. Without the rule of law, people cannot trust each other, make informed decisions or protect themselves from corrupt or dishonest businesses and individuals.
Each country’s law and legal system differs greatly, as does its political landscape. Some nations have stable democratic systems; others suffer through repressive regimes or military rule. In general, the most successful and sustainable legal systems have a strong relationship with their constituents, promote equality, and support innovation and development.
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