Businesswise | Injustice A Threat To Entrepreneurship And Enterprise
It is said that experience can be a cruel teacher because it gives you the most difficult tests first and then valuable life lessons after.
In some cases, this aptly describes entrepreneurship and justice.
Many people go into business unconcerned about justice until they are faced with fierce legal battles or fall prey to injustice that threatens their goals, profitability, market position or overall viability.
To make matters worse, there is little literature, research or data that forewarns unsuspecting entrepreneurs of the practical ways they and their businesses may be affected by the state of justice where they operate.
One report that gives modest insight into the implications of justice and enterprise is the World Bank’s annual Doing Business Report, now in its 14th year, which seeks to investigate regulations that enhance and constrain business activity in over 190 countries around the world, including Jamaica.
Each year, the countries studied are ranked on areas that the World Bank believes will significantly affect the life of a business. For 2016, those areas are: starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading cross-border; enforcing contracts; and resolving insolvency.
The measure that most closely captures the relationship between justice and enterprise is ‘enforcing contracts’ a term mentioned 455 times in the most recent 356-page report.