The importance of monetary policy in a rule of law

Abstract

The intention of this work is eminently practical: that of sounding possible solutions to a problem already widely studied and analyzed, such as that of monetary instability, but within the framework of what is increasingly snorted today: a rule of law.
I prefer to start by clarifying what I understand in this context by rule of law: a political organization of society where the individual rights before and above that same organization are guaranteed to the public authority. In this sense, the rule of law does not merely translate into the state of legality and is not exactly identical to that of a constitutional order. The rule of law implies a legal philosophy opposed to that prevailing for a century throughout Latin America: that of legal positivism.
In the following considerations, both the traditional iusnaturalist view of the circles related to the Catholic visi6n of society and the evolutionary normativism of customary law, as understood and defined by a thinker of the likes of F.A. von Hayek, are alternative premises for the justification of what is meant here by rule of law.
This rule of law usually coincides contemporaneously with the majority government but limited by the rights of man, which Ortega y Gasset has already deaffed more than half a century ago by contrasting the terms liberalism and democracy:
"For it happens that liberalism and democracy are two things that begin with having nothing to do with each other and end up being, as trends, antagonistic sense."
"Democracy and liberalism are two answers to two completely different questions of political law."