December, 2017

Praise for Property

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McCloskey's Bourgeois Deal, the process of profit seeking and competition, leads to widely shared prosperity. Free and dignified people living under a system of private property promote exchange, innovation, and wealth. This Bourgeois Deal can be offered in poor countries today: establish property rights and praise private property and the profits generated from such a system. Ideas in favor of free markets make us rich, and these ideas should be reasserted in development economics.