PRIVATE PROPERTY RIGHTS SERVE THE COMMON GOOD
Individual Ownership Creates Wealth: Private property and its voluntary exchange is the source of wealth creation. This was clear to James Wilson (signatory of the Declaration of Independence and Associate Justice of the US Supreme Court, 1789 to 1798) more than 200 years ago, as noted above. Since that time it has been made even more clear by the experience of communism and socialism, which sought to replace individual private ownership with collective ownership.Who would cultivate the soil and sow the grain if he had no special interest in the harvest? Who would rear and tend the flocks and herds if they could be taken from him by anyone who should come to demand them? ... What belongs to no one is wasted by everyone. What belongs to one man in particular is the object of his economy and care.       -James Wilson
Individual Ownership is Seriously Threatened by So-Called "Smart Growth:" At the same time, even in the United States, there are significant threats to individual ownership. The greatest current
threat is from the "smart growth" (anti-"urban sprawl") movement, that seeks to materially limit the ability of individuals to use and dispose of their property. Besides retarding the quality of life by increasing traffic congestion and air pollution, smart growth
imposes limits on individual ownership that restrict its potential for development and exchange. Typical smart growtn strategies are land rationing (urban growth boundaries), impact fees on
new homes, mandated amenities in residential construction and legislation with respect to matters of architectural taste (such as through mandatory "new urbanist" zoning ordinances).
"Smart" Growth Rations Wealth and Opportunity: The net effect of smart growth individual property restrictions is to retain formality with respect to individual ownership,
while removing genuine control. Perhaps the most perfidious impact is that it closes off opportunities to move into the economic mainstream for large numbers of lower and lower middle income people
whose principal source of wealth accumulation, acquisiting of homes, is made more difficult.
Smart growth limitations on individual ownership will lead to less efficient
use of resources and less wealth creation. Already, the results are clear in areas that have adopted "smart growth" strategies.
For example Portland (land rationing and densification strategies), Oregon and metropolitan
areas in California (impact fees and mandated amenities) are now far less affordable than in the past, relegating large numbers of households who would otherwise buy homes to rental units.
Individual Ownership Serves the Common Good: Fundamentally, the purpose of individual ownership is not so much to create wealth for individuals as it is to create wealth
for society in general, thereby increasing the affluence of all. There is no longer any question but that free market societies produce much more wealth than any economic alternative. As recent history has shown, the poor
in free market societies tend to live more affluent lives than middle income people in socialist societies. Individual ownership is the very bedrock of our modern and unprecedentedly
affluent society. It is crucial that current assaults on individual ownership be turned back.
2001.04.03
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