James d. Gwartney

Part 3 Final Thoughts
The provisions outlined above would enhance the protection of private ownership rights,
promote competition, strengthen federalism, and help bring government spending and
borrowing under control, while limiting the inclination of politicians to serve special-interest
groups. They would be a positive step toward the establishment of government based on
mutual agreement rather than the power to plunder. There is, however, one important
additional issue. All of the above suggestions will work only if citizens insist that the spirit of
the law rather than the letter of the law is followed.
An example of what can go wrong comes from an attempt in the constitution of
Guatemala to reduce corruption in the judiciary and lessen the influence of politicians and their
friends over judges. Deans of law schools were given a major role in the selection of judges.
As cynics could have predicted, this “reform” resulted in corruption in the selection of Deans.
Those seeking influence over the judiciary bankrolled campaigns of professors seeking to
become dean by throwing elaborate parties for students who get a vote in the Dean’s selection.
There was also an explosion in the number of law schools, many of which existed in name
only.
(89)
We conclude with a sentiment attributed to many authors but perhaps best expressed by
Aldous Huxley, introducing the 1956 radio version of A Brave New World:
The price of liberty, and even of common humanity, is eternal vigilance.
Parts 2 and 3 have focused on national prosperity. The final section of this book will
focus on personal prosperity by considering some practical choices you can make that will help
you achieve a more prosperous life.

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Twelve Key Elements of Practical
Personal Finance