lectur6-page7 - This has been a major problem for the...

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7 7 The Institution of Private Property u Private property is controlled and enforced through the legal framework of laws, police, and courts. u Therefore one function of government is the protection of private property rights. Law and Order. One of the functions of government in a capitalist society. But, government must also define private property rights (what are our property rights?), and then be ready to enforce those defined private property rights in order to maintain a capitalistic society. Without the definition and enforcement of property rights, capitalism doe not stand much of a chance as a successful economic system.
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Unformatted text preview: This has been a major problem for the former Soviet Union’s transition from a form of command economy (communism) to a more market oriented economic system (capitalism). There were very little if any private property rights in the former Soviet Union. What we are witnessing is a difficult struggle as the former Soviet Union wrestles to define private property rights and develop an institution to recognize and enforce those property rights. Until the former Soviet Union can accomplish this, the transition to a more market oriented (capitalistic) economy is going to be a tough, bumpy road....
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