Before Thomas Jefferson penned in The Declaration of Independence, writing that we are endowed with “certain unalienable rights, that among these are life, liberty and the pursuit of happiness,” it was philosopher John Locke who believed “no one ought to harm another in his life, health, liberty or possessions.” Indeed, private property rights are critical to a nation’s economic growth and prosperity. Whether or not a country has established private property rules is a key indicator in The Heritage Foundation’s Index of Economic Freedom. But property rights also play an …
