Friday, March 16, 2007

I Own the Great Wall, I Swear

In what I believe will come to be seen as a big event in the evolution of "communist" China away from it's Maoist past, the National People's Congress today gave the same legal protection to private property as it currently does to state-owned property. (LeMonde article here).

As the Economist points out though, this is going to create a pretty big headache, because now it must be determined who owns what. Now that individuals have more of an incentive to pursue ownership and property rights, this is sure to create some problems, especially in the countryside where mass collectivization happened.

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