Why do people living in South Korea have 17 times the income of those in North Korea?  Or how about Taiwan, which is 4 times greater than neighboring China?  Well according to new research from the Cato Institute, the disparities are not from differences in culture, history, or even democracy, but in the clearly defined property rights which exist in these nations. Yes, how well a nation safeguards its property rights has a clear impact on whether that nation is a rich one, or poor. With the study showing the gross domestic per capita is twice as high in nations with strong property protections as opposed to those with only fair ones, the authors suggest enforcing the rule of law will help the free market rising tide better lift all boats.

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