Relationship between the Rule of Law, Good Governance, and Sustainable Development

This paper reviews the relationship between the rule of law, good governance, and sustainable development as those terms are used by the relevant development organizations; describes the efforts made by various organizations to promote the rule of law and good governance; and addresses the need to strengthen compliance and enforcement for sustainable development. A recent movement, which has revitalized our national economy and financial markets, is certainly the implementation of general policies of Article 44 of the constitutional law. Every one consents to the necessity of implementing such policies ensuring the process of privatization of state enterprises and providing a legal ground for this movement. The main objective of communicating these policies is to convert the current national economy to a dynamic, developmental, and competitive economy that will be possible via reducing the government outsourcing as well as expanding the activities of private sector. Much of research conducted in developed countries show that privatization laws cause to change the role of the state, create new financial facilities, expand public welfare and increase financial and operational performance in divested companies which leads to an optimal allocation of interests, financial and economic stability, enhancement of the rates of national growth and efficiency and effectiveness. However, given the legal, financial and economic conditions of the country, in order to implement this principle, the ground for privatization should be created in the country through accelerating the formulation and adoption of proper infrastructures.