The rule of law as an essential ingredient in the economic development of nations is a universally accepted principle that must guide not only developed economies but more importantly, the nascent entrepreneurial economies in Asia, the Middle East, Latin America, Africa and elsewhere, which thirst for legal frameworks allowing them to achieve their full growth potential.

Whether it be vibrant "bamboo" entrepreneurs operating under the radar screen of top-down government regimes or fast-growing private companies in the Middle East and other BRIC economies, there is often a legal limbo between the well intentioned policies of governments and the practical needs of emerging, growing companies. Too often they are subjected to the vagaries of bureaucratic crackdowns and the uncertainty in, or lack of, rules related to taxation, licensing, intellectual property, ownership and other aspects of the private sector resurgence in developing economies. Corruption, also, is too often a corroding influence. If the rule of law is universalized, larger markets, greater competition and more economic growth are likely to follow.

In an attempt to bring practice more in line with principle, the Salzburg Global Seminar has established the Lloyd N. Cutler Center for the Rule of Law whose primary aim is to fill a gap by bringing together emerging and established leaders from a variety of fields to focus their attention on the central importance of the rule of law in the development of their societies and economies and to work toward common, legal principles that can be tailored to the individual national needs.

Participants will explore the rule of law as a principle both governing the internal organization of states and societies, and relations between them and identifying the legal tools of policies and institutions that strengthen equitable and sustainable economic development. Within this broad topic, they will analyze a number of pertinent contemporary legal, political and economic issues in the context of globalization, and examine how the rule of law can work in areas such as governance and democracy, corruption, trade, intellectual property, capital markets, contracts and commercial relations with the overarching goal of drawing specific conclusions relevant to the strengthening of the rule of law in emerging economies.

The Center for International Legal Studies is recognized by the The Solicitor's Regulation Authority (SRA) of England and Wales, The Faculty of Advocates of the Scottish Bar, and The Netherlands Bar for Continuing Professional Development Credit (CPD), the states of Texas, California (approved jurisdictions rule), New York (approved jurisdictions rule) for Continuing Legal Education Credit (CLE).

In association with the Salzburg Global Seminar, the Center for International Legal Studies is pleased to certify up to 29.7 hours of CLE (based on 50-minute hours) or 24.75 hours of CLE or CPD (based on 60-minute hours) for a fee of €€220.