The African continent is exceedingly rich in natural resources, yet the living standard of Africans is very low. The most plausible explanation for this discrepancy is the lack of a system that protects private property.
The attack on the principles of the Rule of Law was part of the general movement away from liberalism which began about 1870. It came almost entirely from the intellectual leaders of the socialist movement.
11/09/2019The Journal of Libertarian StudiesRoy Cordato
If one starts with a different view of efficiency and market optimality than the accepted notion of perfect competition then an entirely different set of conclusions relative to government intervention can be reached.