This paper analyzes the relationship between the deterioration of the rule of law and the negative consequences on socio-economic development in the contemporary world. To scrutinize this correlation, quantitative-comparative analysis and secondary data review methods will be used. This aims to determine the extent to which the rule of law has a determining role or not in the development of states and societies. These results can serve as data for the basis of qualitative and sustainable public policies. The research aims to compare and contrast countries such as the United States of America, Singapore and Romania and determine the correlation between the deterioration of the rule of law, with a specific focus towards measurable elements such as the absence of corruption, and the consequences over economic development and prosperity. The country case studies have been identified purposefully to reflect different geographical areas, different historical pasts and various levels of economic development. Despite the differences, the research aims to solely analyze the correlation between the rule of law and economic status.
Keywords: rule of law, economic development, political economy, legal positivism, parliamentary performance