The rule of law is a fundamental legal principle that asserts all individuals and institutions, including those in power, are bound by the law, ensuring fairness, legal predictability, and the prevention of arbitrary rule. Historically grounded in works such as Aristotle’s Politics and formalized in documents like the Magna Carta, it has been viewed through diverse perspectives: Blackstone highlighted law as a "universal standard" applicable to all, while Dicey stressed its function in curbing governmental authority.
Contemporary theorists like Raz and Hayek broadened its application to encompass procedural justice and the safeguarding of personal freedoms. The concept, as expressed in judicial decisions and constitutional frameworks, repeatedly connects law with justice, freedom, and the submission of power to recognized standards, illustrating its lasting significance in fostering equitable societies.