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AS 3 - Assignment Example

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The role of property rights in the continuation of capitalism has been described by White (2012) right before his interpretation of the position of Marx. He states that that role is to ensure the organized, appropriate, and responsible use of the available resources in a…
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AS 3
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Property Rights and Capitalism Affiliation Property Rights and Capitalism The role of property rights in the continuation of capitalism has been described by White (2012) right before his interpretation of the position of Marx. He states that that role is to ensure the organized, appropriate, and responsible use of the available resources in a society. Why is this so? It is so because when there is a certain or a group of individuals who have the inherent responsibility or have the right of ownership under the law to own and take control of the resources within a society. It brings about a sense of control and responsible use of these resources, not only for the individual or the group, but for the society as a whole. As such, if there is an improper use of the resources, then there is someone who can be questioned and charged. Hence, it does away with conflicts that may arise due to misuse of these resources in the society. Also, property rights enhance trade in the society as individual owners can transact business, sell and buy their assets under the regulations set in the capitalist markets they operate.
One contemporary policy that is aligned with the interpretation of the view by Marx on the primary role of property rights in the capability of capitalism to persist is that known as the National mining and minerals policy (Legal Information Institute, n.d.). The policy seeks to outline and articulate the role of the Federal government in boosting private ownership and enterprises.
Yes, there are intrinsic social forces that work to challenge the function of property rights in a capitalist system. Some of these forces are those arising from corruption and greed among people in power. These people fail to follow the right and legal procedure permitted to own a property or properties. As such, they undermine the role of property rights in a capitalist system. Thus, they align with the view of Marx that private property is not the best means to deal with the inevitable truth of scarcity due to the instability they bring about on ownership in the society.
References
Legal Information Institute. (n.d.). U.S. Code: Title 30; Chapter 2, Section 21a. Retrieved May 31, 2015, from https://www.law.cornell.edu/uscode/text/30/21a
White, L. H. (2012). The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years. New York: Cambridge Univeristy Press. Read More
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