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Winter 2017

ISSN 0890-913X

Volume 32, Number 4

Categories: Winter 2017 | Property rights

Praise for Property

Claudia R. Williamson, Mississippi State University

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TheJournalofPrivateEnterprise32(4),2017,83–94PraiseforPropertyClaudiaR.WilliamsonMississippiStateUniversity______________________________________________________AbstractMcCloskey’sBourgeoisDeal,theprocessofprofitseekingandcompetition,leadstowidelysharedprosperity.Freeanddignifiedpeoplelivingunderasystemofprivatepropertypromoteexchange,innovation,andwealth.ThisBourgeoisDealcanbeofferedinpoorcountriestoday:establishpropertyrightsandpraiseprivatepropertyandtheprofitsgeneratedfromsuchasystem.Ideasinfavoroffreemarketsmakeusrich,andtheseideasshouldbereassertedindevelopmenteconomics.______________________________________________________JELCodes:O43,Z1,F55Keywords:dignity,liberty,freedomI.IntroductionSince1800,theworldhasbecomeawealthier,healthier,andsaferplace.Byhowmuch?Forsomeplaces,liketheUnitedStates,averageincomehasrisenbyupwardsof3,000percent!Thisremarkableincreaseinwealthhasoccurredacrosstheglobe,improvinglivesandhowlongwegettolivethem.DeirdreMcCloskey(2006,2010,2016)arguesthatnomaterialexplanation,suchascapitalaccumulation,foreigntrade,orinvestment,canfullyexplainthefactorbywhichincomepercapitahasincreasedsincetheIndustrialRevolution.Whatcanexplainit,shecontends,isthatthebourgeoisiebecamefreeanddignified,directingentrepreneurshipintowealth-creatinginnovation.Thisideologicalshiftcreatedthedramaticincreaseinwealth.Socialpraiseforinnovation,trade,andbusinessownersfueledtheslow-burningembersignitedbyinstitutions,leadingtomassiveincreasesinwealth.McCloskey’sanalysisisanattractivenarrativetoexplaineconomicgrowthoverthepasttwohundredyears,butcanweuseherargumentstobringadeeperunderstandingtodevelopmentissuestoday?CountrieslikeLuxembourgandSingaporerecordaveragepercapitaincomesofalmost$80,000,whilecountriessuchasBurundi,DemocraticRepublicofCongo,andCentralAfricanRepublichave

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Metadata [hide]

Title	Praise for Property
Authors/Creators:	Claudia R. Williamson, Mississippi State University
Year:	2017
Volume:	32
Number:	4
Pages:	83 - 94
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	dignity, liberty, freedom

Citation:
Williamson, Claudia R. / 2017. "Praise for Property." The Journal of Private Enterprise, 32(4): 83-94.