Successful Market System - Private Property and Protection of Property Rights
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Why is private property, and the protection of property rights, so crucial to the success of the market system?
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Solution Summary
Consisting of about 227 words, this solution discusses the market system and why private property and the protection of property rights is so crucial.
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The market system is solely based on transfer of goods and properties. Hence the economic agents will participate in the market system only when they are given complete ownership of the properties that they intend to buy or sell. They require some assurance that the property will become theirs once they buy it and will have ...
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