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Property Rights in China

Today China passed it first law establishing property rights, an act free marketeers are hailing as a decisive shift away from the kind of corporate fascism that has governed the Asian tiger's bogus brand of socialism for the past 25 … Read More

By / March 16, 2007

Today China passed it first law establishing property rights, an act free marketeers are hailing as a decisive shift away from the kind of corporate fascism that has governed the Asian tiger's bogus brand of socialism for the past 25 years. However, as the Wall Street Journal econ blog The Informed Reader points out:

“[t]he new law is mainly aimed at reassuring the fast-growing middle class that their assets are secure. Its ratification, expected later this month, would give private property the same legal protection as state property. Until now, state and local officials have been able to seize businesses and land for housing and factory construction in return for little or no compensation, moves that have led to widespread protests."

And R.J. Elliott at The China Analyst says:

Far from helping the poor in rural China enforcing Property Rights will give legality to any land grab that has previously occured by Chinese Party Officials. This in a sense is setting in stone previous corrupt behaviour making a small number of individuals very rich.

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