In defense of private property: The role of private property rights and ethics in the market economy
This paper examines the role private property rights and ethics play in a market economy, and demonstrates that in order to have a free market, it is essential to have a legal system that defines private property rights. Such a legal system can only evolve on the free market itself; Chapter I examines the nature of property rights; Chapter II examines some historical examples of legal systems that have been based on private property rights; Chapter III explains the relationship between such a legal system and ethics. An attempt is made to justify such a system on the basis of ethics; Chapter IV explores the implications of the concept of private property; Chapter V examines the characteristics of a legal system which is based on the concept of private property; Finally, Chapter VI presents criticisms of some present ideas on property rights and legal practices. Moreover, some conclusions are presented.
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