Private Property
Private property is the core element of any market-based economy. Without clear rules of ownership, strong private properties rights, and a transparent, efficient, and predictable judiciary to enforce these rules, markets cannot function.
Without property rights assigned (to land for example), nothing can be bought or sold, long-term investments cannot be made, taxes cannot be levied, and market prices cannot emerge. No policies or incentives can be effective without first ensuring secure property rights and an independent, trustworthy judiciary to administer them. The judiciary must also be free from political interference, follow due process, and be able to clear cases promptly. Finally, laws must be audited regularly to ensure they are streamlined, and to meet directives on efficient trials. This must be a constitutional right for business, in addition to protection against nationalization and direct intervention.
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