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The Noblest Triumph: Property and Prosperity through the Ages
by Tom Bethell (New York: St. Martin's Press 1998); 378 pages; $29.95.
For the classical liberals and classical economists of the 19th century, the institution of private property was considered fundamental for both freedom and prosperity. John R. McCulluch, one of the great popularizers of economic ideas in the mid 19th century, argued:
"Let us not, therefore, deceive ourselves by supposing that it is possible for any people to emerge from barbarism, or to become wealthy, prosperous, and civilized, without the security of property. Security is indispensable to the successful exertion of the powers of industry. Where it is wanting, it is idle to expect either riches or civilization."
McCulloch concluded that private property was "the foundation on which the other institutions of society rest" because "where property is ...
