An Essay into the Nature and Causes of Poverty — Part 4

Property

At a very abstract level, the formula for prosperity is to have a liberal market order and institutions that support that liberal market order, namely those that protect property rights, enforce contracts and settle disputes, and provide the rule of law.

Property rights does not imply the privileging of the rights of property over the rights of humans, although socialists mistakenly believe that that is what it means. The right to private property is the source of all human rights. Without the right to own property, one is hardly a human being; one becomes mere chattel or property. Continue reading