Private Property: The Basis of Economic Reform in Less Developed Countries

Publication Date: May 1990

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Edward L. Hudgins

Research Area: Economics

Keywords: Trade and foreign aid

Type: Report

Abstract:

The statist policies in communist countries in Eastern Europe and socialist countries in Latin America and Africa have produced seemingly intractable poverty that is resulting in political revolutions and the establishment of democracy. But this is not enough.The establishment of secure private property rights, protected by law from abuse by other individuals or by governments, is the most fundamental step a country can take to ensure liberty, democracy and prosperity.