Reading Assignment : Some ideas on property

Adam Smith (18th century, Scotland)

"Civil government, so far as it is instituted for the security of property, is, in reality, instituted for the defense of the rich against the poor, or of those who have property against those who have none at all."

Smith talks about the origins of civil government here and how no effective institutions for the regulation of property were put in place without significant corruption. Smith elaborates on the necessity of a separation of powers to ensure fair judgment of the Rule of Law to promote egalitarian treatment. A fair justice system will ensure that both the rich and the poor have property rights.

Article: How much land does the government need?

Link: http://www.businesstoday.in/magazine/features/rajeev-dhavan-land-acquisition-farmers/story/15817.html

In this article, they talk about how government(INDIA) acquire the land form poor people and help rich to start new projects. There are number of laws already in the constitution but still government is introducing new laws in which there don’t need any permission from the farmer to acquire the land. Our poor farmers, numbering around 300 million, hovering at poverty levels, have few avenues to join the emerging economy, which will ruthlessly render them landless and vulnerable. The governments of the Union and states support policies for maximizing rapacious acquisition for business with increased compensation. But displaced villagers never have enough compensation to buy new lands.

Now I would add further comments as Adam Smith’s saying, particularly regarding the defense of property rights in history, from observation of the behavior not just of the poor but also of the defense of property rights by the rich against the depredations and ambitions of other rich property owners. Today they have been got worst specially per case if we talk about India. And the latest, Indian government passed new bill called, Land Acquisition Ordinance (2015). Generally, this bill refers to the process where a government acquires land from land owners for any purpose. Generally, the purpose is related to development projects conducted either by PSUs (Public Sector units) or the private sector.