On the rule of law(and not of men)

Todd Zywicki, of the Hoover Institution and George Mason University, writes this excellent article on the ideal of the rule of law, and the economic and political dangers of its recent breach with the Chrysler bankruptcy settlement.

I'd only add a bit in one way. Zywicki states:

The rule of law, not of men -- an ideal tracing back to the ancient Greeks and well-known to our Founding Fathers -- is the animating principle of the American experiment. While the rest of the world in 1787 was governed by the whims of kings and dukes, the U.S. Constitution was established to circumscribe arbitrary government power.

The ideal goes even further back than that, to the Mosaic Law. For example, Leviticus 19:15(New American Standard): You shall do no injustice in judgment; you shall not be partial to the poor nor defer to the great, but you are to judge your neighbor fairly.

Update: Richard Epstein(also of Hoover) also discusses the Chrysler bankruptcy here, with focus on bankruptcy procedures.