The Tang Prize in Rule of Law could bring attention to the importance of fair legal systems and help countries create more stable economies, a leading US legal academic said in Taipei on Wednesday.
The relationship between a functioning judicial system and a stable and growing economy is a close one, and if the Tang Prize raises awareness of that it can help economic growth, said Lance Liebman, the William S. Beinecke professor of law at Columbia Law School in New York City.
To encourage people to invest and start new businesses, it is crucial to have a trustworthy legal system where disputes can be resolved in a fair manner, Liebman said in an interview with the Central News Agency.
“I think the role of law in economies and in economic life, political life and social life is huge,” said Liebman, who is also director of the American Law Institute.
“When communism ended in parts of Europe, and as countries like [South] Korea, Taiwan, China, Indonesia advance toward forms of democracy, building a legal structure that is trustworthy, fair, avoids corruption and can lead to fair decisions is very important,” he said.
Much can also be done to improve the US’ legal system, where corruption still exists, he said.
Whether countries are moving toward greater levels of democracy or simply trying to strengthen their economy, “improving their legal systems is always on the list of things that needs to be done,” he said.
Moreover, with business transactions now increasing across national borders, Leibman said there is a great need for arbitration and legal systems that can deal with cross-border disputes.
“All of this needs to be studied and can be done better than we do it now,” he said.
While problems in the legal systems will not be resolved by giving a prize, Leibman said, the Tang Prize in Rule of Law has the potential to raise awareness and encourage more research on the subject.
The people who select the Tang Prize winners are going to help define what needs to be done to strengthen the rule of law, the professor said.
Meanwhile, Christian Starck, a prominent German legal academic, said that the rule of law is a problem not only in underdeveloped or developing countries, but also in Europe.
Ukraine, for example, is not stable and still has a lot of corruption, said Starck, an emeritus professor of public law at the University of Gottingen.
The biennial Tang Prize, which will hand out awards for sustainable development, biopharmaceutical science, Sinology and rule of law, will address issues that are important to the current era, he said.
The law prize will recognize individuals or institutions that have made significant contributions to the advancement of legal theory or practice, and the realization of rule of law in contemporary societies, the Tang Prize Foundation said.
Starck and Leibman were invited to Taipei by the foundation, which was established in 2012 by entrepreneur Samuel Yin (尹衍樑).
The first Tang Prizes are to be announced on June 18.
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