Ownership (private property) came first. Agreement (price) comes second. Last month we learned that if people don’t own things, they can’t exchange them. To amend George Gilder, capitalism begins with owning. It continues with agreements.
When two people exchange things, the terms of the agreement between them is what we mean by price. If those who make the exchange are themselves allowed to set the terms of exchange, then prices are free, and the groundwork is laid for material improvement (economic growth).
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