“Victory of private property”

The existence and protection of private property is a civilizational fact. In fact, capitalism – in all its different versions – considers clearly established property rights as a fundamental element and capitalism is nothing more than the economic system that allowed us in recent decades to live in the historical period of greatest peace and prosperity in the history of humanity.

New economic institutionalism, which focuses on the role of institutions in the economy, highlights the importance of robust legal systems that ensure private property and compliance with rules, agreements and contracts. Douglass North, Nobel Prize winner in Economics and eminence in this field, argues that institutions that guarantee property rights reduce transaction costs, thus facilitating the generation of wealth. That is, protecting property rights allows the poorest and most vulnerable families to escape poverty.

“What belongs to everyone, belongs to no one” goes the saying, clear property rights encourage technological innovation and competition and, as if that were not enough, countries with well-defined and protected private property rights have better levels of environmental care. Property rights are intrinsically linked to the real estate market and infrastructure investment; Let us remember that security in land tenure, as a factor of production, is a prerequisite for long-term investments.

Private property rights are vital for the progress of countries and regions: history shows it, economic science shows it and the population – especially the most vulnerable – values ​​it more than anyone else. Thus, any political or intellectual project that aims to destroy or undermine capitalism is explicitly against property rights.

These reasons were forgotten by the government and thus, with broad popular support (activists, sectors, legislators and the creation of a notable multi-sector association) the victory of private property over the current socialist project was consolidated once again.