Tuesday, February 26, 2013

The power of private property

Not PC is one of my favorite websites, one that I visit at least 2-3 times daily.  Peter Cresswell, the owner, is an architect of some renown and a staunch, aggressive, unapologetic advocate of the ideas that I strive to promote here at OLS.  In this post, I link to a selection of a book Cresswell is currently reading (he calls it part of his "summer reading" -- he lives in New Zealand) that explores the critical, absolutely necessary role property rights play in the creation of capital to fuel economic development and expansion.  Although I have not read the book Cresswell quotes from at length (Hernando de Soto's The Mystery of Capital), I know of its excellent reputation and impact in the area of developmental economics. Here are two snippets (nod to Cresswell):
As Aristotle discovered 2,300 years ago, what you can do with things increases infinitely when you focus your thinking on their potential. By learning to fix the economic potential of their assets through property records, Westerners created a fast track to explore the most productive aspects of their possessions. Formal property became the staircase to the conceptual realm where the economic meaning of things can be discovered and where capital is born.”
And, 
 The genius of the West was to have created a system that allowed people to grasp with the mind values that human eyes could never see and to manipulate things that hands could never touch.”
Strongly recommended....click here.