Rule of Law rhetoric is all around us — in the business press, in the programs and publications of the World Bank, International Monetary Fund (IMF) and Asian Development Bank (ADB), in bilateral development assistance projects, and even in US-China diplomatic dialogue. Notably, however, the Rule of Law is not being touted in these primarily for its traditional political role as a protector of human rights and individual dignity. Rather, the new rhetoric makes the claim that the Rule of Law is a crucial element in economic development, not only in formerly socialist countries (‘transition economies’) (World Bank, 1996), but in developing capitalist countries as well.