What is the basis for property rights? Why is private property crucial to capitalism and what...

What is the basis for property rights? Why is private property crucial to capitalism and what are its benefits?

Expert Solution

Property rights can play vital role in deciding who will own it, how long it can be owned and what extent the ownership is. Government can decide on the property rights.It is basically a socially enforced constructs in an economy where it determines the ownership of economic property.Property right can be viewed as one of the major attributes of economic goods. Because of this it plays vital role in capitalism. In capitalists economy everything is decided based on the power of ownership and the right to properly gives an upper hand. This gives the right to use the goods, right to earn / make revenue from the goods, right to transfer the goods and this also gives the opportunity for more relationship in the capitalist economy.

keosha answered 2 years ago

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