According to the book, Whatever Happened to Justice? by Richard Maybury, the economy is in a mess because of a legal system that has gone wild. Economies naturally flourish when Common Law is embraced. Common Law is summed up in two points:
1. Do all you have agreed to do, and
2. Do not encroach on other persons or their property.
Religions differ on many points, but these two points seem to be universal. When the people of any faith, culture, or society abide by these two principles, free markets will naturally thrive and a healthy economy will result.
The problem is that Common Law (or a Higher Law) is no longer embraced. Instead, it has been replaced by Political Law- laws created by man. Common Law assumed that we were accountable to a Higher Law, and right and wrong was clearly logical and understood. Political Law, on the other hand, is often arbitrary, illogical, and enacted by a corrupt thirst for power.
In America, there are probably more than 100,000 new laws, rules and regulations enacted each year. Many are voted on without even being read. There are so many changes that make it difficult for businesses to plan ahead.
On top of that, our world increasingly rejects God and the idea that there is a Higher Law. Common Law is ignored and somebody pays the price. When this is done on a wide scale, poverty ensues.
Of course, it is not entirely as simplistic as I have stated it, but it is a foundational reason why things have gotten so bad.
Psalm 33:12 says, Blessed is the nation whose God is the LORD. When our forefathers started America based on the principles of a Higher Law, the standard of living increased by exponential numbers in many parts of the world.
This isn’t about imposing a theocracy. But the courts are not God. The people who lead must remember that they are not the end themselves. They have to answer to a Higher Law at some time or other. Answering to it now makes things better.