The first and second article of the Virginia Declaration of Rights adopted unanimously by the Virginia Convention of Delegates on June 12, 1776 and written by George Mason, is: That all men are by nature equally free and independent, and have certain inherent rights, of which, when they enter into a state of society, they cannot, by any compact, deprive or divest their posterity; namely, the enjoyment of life and liberty, with the means of acquiring and possessing property, and pursuing and obtaining happiness and safety. Discuss the importance of property rights in promoting economic growth and prosperity: Why is it virtually impossible for prosperity to take place without clear –and properly enforced– property rights?

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Property rights are the legal rules that define who can use control and benefit from a resource They ... View the full answer