I once asked a meeting of law students if they knew why we have the laws that protect our wealth and enforce the sanctity of contracts. They appeared to have little idea, other than that it is morally wrong to steal or perpetrate fraud, or not to be true to your word.

Nobody had told them that protecting rights to wealth is essential if wealth is to be created in the first instance. That if you saved and invested in a home, farm, mine or business enterprise and somebody who is stronger than you can simply take it away, there would be no reason to save and invest in productive, long-lasting assets. Protection of wealth to encourage wealth creation is essential if any community is to become more productive and escape deprivation...

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