Economy and Capitalism

"Liberty is a necessary ingredient of prosperity." these words from Walter Williams in a recent editorial ring true as we watch many of the Middle Eastern countries unravel. Having a large market sector and private property rights are what allow people (entrepreneurs) to translate their skills into money. Without private property rights they have no way to leverage their property as collateral, to obtain investment capital or secure long term contractual deals. Thus any business without these rights remains small. Contrast that with the US and our free society, private property rights and free markets. Many of the more Socialistic Middle Eastern countries with state intervention, planning and weak or no private property rights wonder why their citizens aren't more entrepreneurial and why they can't build a more robust economy. The answer is freedom and liberty. People will generally pursue a better life, produce something of value or work for someone who does and lift themselves out of poverty if they are allowed to. Many citizens from these countries have come to the US with little or nothing and have been very successful. Something to think about.