Why does communism not work? Well for one thing- property rights. Property rights are the key to prosperity, because they encourage investment, innovation, exchange, maintenance, and economic growth. It does all these things, because private ownership of property means you have the right to bequeath it. Property rights translate into higher standards of living for all. Most bad development policies result from the neglect of the importance of property rights. Now policy makers recognize the critical role of property rights, but are limited in what they can do to help developing countries evolve in a private property system. They can, however, avoid making policies that undermine private property.
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