If we want consumers and sellers to make their own choices freely (free markets), "rule of law" must prevail in contrast to "rule of man." Laws must be written to protect both consumers and sellers, and they must apply to everyone - even the government.
If a king or senator or president is not subject to law, he or she can favor his friends and sell political influence and punish his opposition - in short, do whatever he wants for his own benefit. That's corrupt.
Author and professor Rodney Stark tells a story that demonstrates how vulnerable we are to those in power when a king or ruler is above the law:
The Battle of Lepanto (1453) was fought in the Mediterranean Sea between Ottoman forces (Turks) and Europeans. Ali Pasha, a son-in-law of the ruling Ottoman Sultan, led the Turks with over 200 ships.
Nothing is safe under "rule of man."
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