People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP
People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP
Steve Hanke
Opinion

Opinion

Macroscope by Steve Hanke

Why the rule of law is vital to the value of money

People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP
People line up in downtown Guayaquil, Ecuador in 1999 around the time it dollarized its economy, which allowed the government there to import a rule of law that stabilized the economy and offers a lesson to other countries in the region like Venezuela. Photo: AFP
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Steve Hanke

Steve Hanke

Steve Hanke is professor of applied economics at Johns Hopkins University. He is also a senior fellow and director of the Troubled Currencies Project at the Cato Institute in Washington