In layman's terms it means a widely held respect for the laws of the land and the willingness of a whole community or nation to enforce and abide by those laws. It doesn't refer to a police state; people should still be free to change the law according to the needs of the people. But 'rule of law' represents what should be the 'mind of the people' when it comes to order and the common good. it meant that even if you were rich or powerful or weak or poor you have to obey the law
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