If you check 2,000 years of gross world product, you will notice a revelation: no nation has advanced faster than its property rights regime. In other words, the abilities to own properties, and those rights supported by the legal ordinance of nations, with adequate protections, are cardinal to the advancements of nations.
When the Igbo Nation says “uwa bu ahia” [the world is a market], they believe that all great markets have rules, and that means, my property and your property are bound by ordinances. If those rules disappear, markets fade because the abilities for demand and supply to come into an equilibrium point where transactions take place become imperiled.
For more than 1,500 years from AD 1, the gross world product was flat over generations. But when the property rights regime was invented, and applied in some nations, the GDPs of those nations rose, and wealth accelerated. Simply, the equation of national wealth creation is clear: if there is no rule of law, there will not be an optimal market system, and wealth cannot be accumulated at scale, for the people. The best accelerant to innovation and the stimulation of entrepreneurial capitalism is RULE of LAW because demand and supply operate better when there are rules.
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We have also extrapolated that hypothesis to companies and we know what makes great enduring global companies. At Tekedia Institute, we understand their DNAs building the Cells of vision which drive the Tissues of competition, delivering solid Organs in markets for SYSTEMS of innovation and market resilience.
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Comment 1: There are proponents of social cooperation, who tend to suggest that everyone should be sharing with one another – in this case, there should be no property rights.
While this is a great theoretical concept – problem is we’ve seen how well that has worked out – we’ve seen champions of social entrepreneurship caught in all sorts of financial misappropriation scandals, ranging from fund raising for “the poor” that never gets to the poor, to scandalous charities of all shades, shapes and sizes.
My Response: “in this case, there should be no property rights. ” – there is always a property rights component when GREAT things are done. But you can decide to waive or suspend it. Even when you see a drug company which invested $1 billion to develop a drug appears to give it FREE, check well, they are being compensated in other ways. Across human history, there is no way any human will do something GREAT for free because resources are not free if we believe basic economics which is opined on the scarcity of factors of production which require competition.
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