Property Rights: A Practical Guide to Freedom and Prosperity
Consider the prospect of investing in land. In the United States, we take the security of such an investment for granted, but in other countries that security is not always available. For example, though Zimbabwe has a constitution forbidding the confiscation of land without compensation, so-called land reform is taking land from people who thought they had secure title and giving it to others. As a result of this land redistribution, productivity is down and people are starving. Furthermore, citizens are being persecuted and killed. This is not to say that the distribution of land ownership is necessarily just in countries such as Zimbabwe, but it does emphasize that security of property rights is crucial to freedom and prosperity.