The United States enjoys considerable security of property rights, which encourages freedom and economic progress, especially when compared to other countries around the world. But no matter how well specified the property rights are, anarchy may still prevail if people do not share a belief in the property rights system, according to authors Terry L. Anderson and Laura E. Huggins.
In “The Essential Right,” the authors conclude that a country’s citizens must believe in limited government and respect the rights of others in order for property rights to exist. However, this must be built on a foundation of constitutions, federalism and common law.
Ultimately, protecting property rights requires citizens who understand the importance of this institution; who recognise that limited government is a necessary condition for protecting property rights; and who are willing to elect political agents prepared to defend property rights and limit government’s reach.
Source: Terry L. Anderson and Laura E. Huggins, The Essential Right, Hoover Digest, No. 4, 2002, Hoover Institution.
For text http://www-hoover.stanford.edu/publications/digest/024/anderson.html
For more on Property Rights (Regulatory Reform) http://www.ncpa.org/iss/env/
FMF Policy Bulletin\4 February 2003
