In “honor” of May Day, the socialist holiday celebrating the destruction of property rights, I offer Chapter 1 of Principles and Property Rights
Imagine no possessions,
I wonder if you can,
No need for greed or hunger,
A brotherhood of man,
Imagine all the people sharing all the world.John Lennon, “Imagine”
We don’t need to imagine a society with no possessions, with no private property. Throughout human history, there have been societies with no private property. These attempts to create a society in which everything is shared have not resulted in the earthly paradise envisioned by Lennon and his fellow travelers. Instead, the result has been a living hell.
Private property rights are a fundamental enabler of individual flourishing. When property rights are recognized and protected, individuals have the incentive and the means to produce the values that life requires. When property rights are not protected, they don’t. With property rights, individuals flourish. Without property rights, misery and suffering are the result.
The right to property means the freedom to create, use, keep, trade, and dispose of material values. It means the freedom to farm, build homes, develop websites, and manufacture smart phones. It means the freedom to trade the results of one’s production with willing buyers. It means the freedom to purchase automobiles, DVDs, and Internet service from willing sellers. It means the freedom to create, acquire, and use the things that make our life better. The right to property protects the freedom of each individual to produce and consume the things that he needs and desires—to flourish. A society cannot flourish if the individuals comprising it are not free to flourish.
While history provides us with untold examples of this principle, over the past several decades two nations—Venezuela and China—have demonstrated it in different ways. One nation has slowly rejected Lennon’s vision and enacted greater protections for property rights. The other nation has rejected property rights and moved closer to Lennon’s ideal of a society with no possessions—private property. The well-being of the citizens of the two countries reflects these trends.
Let us begin by looking at the recent history of Venezuela.
Click here to download all of Chapter 1 from Principles and Property Rights