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

Steve Hanke
Steve Hanke

Updated: 11:01am, 22 Jun, 2015

Why you can trust SCMP
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
READ FULL ARTICLE
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