And on that front, Europe has an advantage. Speaking at a global real-estate conference recently, I was struck by a recurring theme: the European continent as a safe haven. Real estate is, of course, a long-term kind of business. Real-estate investors have to have faith in the neighborhoods, cities, countries they’re buying properties in. And as the conference went on, executive after executive returned to Europe as a safe place to do business in because — well, because it’s true. Rule of law is regressing all over the world. According to the World Justice Project’s Rule of Law Index, nearly seven in 10 countries saw a decline in rule of law in 2025. This, the World Justice Project notes, is connected to growing authoritarianism. Europe, though, is standing strong: Denmark leads the ranking, followed by Norway, Finland, Sweden, New Zealand, Germany, Luxembourg, Ireland, the Netherlands and Australia. Places 11 through 20 are also occupied by European countries, along with Canada, Japan, Singapore and South Korea. The U.S. comes in 27th. For businesses, rule of law …