The rule of law is often invoked as a shield against power. Yet the paradox is that law itself generates the conditions in which power moves most freely. To grasp this, one must set aside the familiar scene of diplomats arguing at the United Nations or judges issuing unenforceable rulings from The Hague. Those are the most visible but least effective parts of the system.

Yields on long-term government bonds rose sharply this week. Britain’s 30-year gilt touched 5.75 percent, a level last seen nearly three decades ago.