Discuss the rule of law as a democratic principle which supports a democracy under the heading Importance and its benefits

The rule of law is a very important principle for any democracy. The rule of law is a principle that establishes that the laws of a country come from a legal corpus established by societal consensus, instead of emanating from the will of a single person, like in a monarchy or a tyranny, or a small group of people, like in an oligarchy.

The rule of law ensures that even the democratic rulers of a country have a series of prohibitions, and a set of boundaries to their power. The rule of law is therefore crucial for democracy, and without it, it is very difficult to be in democratic terms anymore.

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protectionism fosters competition and keeps price regulated is not an argument in favor of protectionism.