The above statement argues for

Correct Option: rule according to the consent of the governed

The passage argues that every individual, from the poorest to the greatest, has a life of equal value to live. Consequently, for any government to exercise legitimate authority over its citizens, those citizens must first give their own consent to be governed. The author emphasizes that the poorest person is not bound in a strict sense to a government under which he did not have a voice or input. This argument directly champions the core democratic principle of the social contract theory, which asserts that the legitimacy of a government's rule depends entirely on the consent of the people who are being governed. Therefore, the statement argues for 'rule according to the consent of the governed', making Option B the correct choice.