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Intensive research in recent years into the sources of economic growth among both developing and developed nations generally point to a number of important factors: the state of knowledge and skill of a population; the degree of control over indigenous natural resources; the quality of a country's legal system, particularly a strong commitment to a rule of law and protection of property rights; and yes, the extent of a country's openness to trade with the rest of the world. For the United States, arguably the most important factor is the type of rule of law under which economic activity takes place. When asked abroad why the United States has become the most prosperous large economy in the world, I respond, with only mild exaggeration, that our forefathers wrote a constitution and set in motion a system of laws that protects individual rights, especially the right to own property. Nonetheless, the degree of state protection is sometimes in dispute. But by and large, secure property rights are almost universally accepted by Americans as a critical pillar of our economy. While the right of property in the abstract is generally uncontested in all societies embracing democratic market capitalism, different degrees of property protection do apparently foster different economic incentives and outcomes.
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Alan Greenspan (2004) The critical role of education in the nation's economy

 

Alan Greenspan

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I believe in property rights, but I believe in them as adjuncts to, and not as substitutes for human rights. I believe that normally the rights of property coincide with the rights of man; but where they do not, then the rights of man must be; put above the rights of property. I believe in shaping the ends of government to protect property; but wherever the alternative must be faced, I am for man and not for property. I am far from underestimating the importance of dividends, but I rank dividends below human character. I know well that if there is not sufficient prosperity the people will in the end rebel against any system, no matter how exalted morally; and reformers must not bring upon the people permanent economic ruin, or the reforms themselves will go down in the ruin.

 

Theodore Roosevelt

 

Property rights are not like other rights, contrary to what Madison and a lot of modern political theory says. If I have the right to free speech, it doesn't interfere with your right to free speech. But if I have property, that interferes with your right to have that property, you don't have it, I have it. So the right to property is very different from the right to freedom of speech. This is often put very misleadingly about rights of property; property has no right. But if we just make sense out of this, maybe there is a right to property, one could debate that, but it's very different from other rights.

 

Noam Chomsky

 

The difference between left and right of center … originated in the French parliament. The people left of center were liberals; the people right of center were conservatives. Broadly speaking. And generally speaking, people on … the right of center, are interested in property values, property, property rights. The rights and the rights of property. And generally speaking again – it's all generalized – the left-of-center people are more concerned with humans and human beings and human concerns; to the care of humans, not the care and worry about property rights. That's generally been true. And Bush is pushing this country farther down the hill, faster than anyone has before.

 

George Carlin

 

Both China and the United States are countries of significant influence in the world. We share important common strategic interests in a wide range of areas, including economic cooperation and trade, security, public health, energy, and environmental protection, and on major international and regional issues. In particular, mutually beneficial and win-win China-U.S. economic cooperation and trade benefit our two peoples and promote the economic growth in the Asia Pacific region and the world at large. Indeed, they have become an important foundation for China-U.S. relations.

 

Hu Jintao

 

According to the pronouncements of our state rulers and their intellectual bodyguards (of whom there are more than ever before), we are better protected and more secure than ever. We are supposedly protected from global warming and cooling, from the extinction of animals and plants, from the abuses of husbands and wives, parents and employers, from poverty, disease, disaster, ignorance, prejudice, racism, sexism, homophobia, and countless other public enemies and dangers. In fact, however, matters are strikingly different. In order to provide us with all this protection, the state managers expropriate more than 40 percent of the incomes of private producers year in and year out. Government debt and liabilities have increased without interruption, thus increasing the need for future expropriations. Owing to the substitution of government paper money for gold, financial insecurity has increased sharply, and we are continually robbed through currency depreciation. Every detail of private life, property, trade, and contract is regulated by ever higher mountains of laws legislation), thereby creating permanent legal uncertainty and moral hazard. In particular, we have been gradually stripped of the right to exclusion implied in the very concept of private property. ... In short, the more the state has increased its expenditures on social security and public safety, the more our private property rights have been eroded, the more our property has been expropriated, confiscated, destroyed, or depreciated, and the more we have been deprived of the very foundation of all protection: economic independence, financial strength, and personal wealth.

 

Hans-Hermann Hoppe