Property Rights: The basis for Freedom and Autonomy

At the launch of the International Property Rights Index 2010, Siegfried Herzog, the incoming Regional Director South Asia, emphasized that Property Rights formed the basis for freedom and autonomy. He said that economic efficiency and social stability could only be achieved through the implementation of a robust system of Property Rights.

In his keynote address, he recommended local solutions and flexible forms of property rights for developing economies. He compared the status of property rights in India with the Philippines, where he is currently the Project Director of the Friedrich Naumann Foundation.

The programme was organized by the Friedrich-Naumann-Stiftung für die Freiheit together
Siegfried Herzog delivering his keynote address at the Launch with its partner Liberty Institute and the publishing house Academic Foundation.

Speaking at the launch, Dr. René Klaff, Regional Director South Asia, in his introductory remarks spoke on the importance of property rights especially from a liberal perspective. ‘…Property Rights are inextricably linked with the realization of individual freedom. Without the right to own private property, human beings lack an essential part of their freedom, namely to take responsible economic decisions of their own according to their priorities and preferences.’ Barun S. Mitra, the Director of Liberty Institute contributed the foreword to the 2010 Report and also spoke at the launch. Commenting on the state of property rights today, he writes that the present “financial crisis is the consequence of distorting or altogether disconnecting the relationship between property and ownership”.

The 2010 International Property Rights Index (IPRI) 2010 is inspired by the committed and path-breaking work of Hernando de Soto, the famous liberal economist from Peru. The Index measures the state of property rights of 125 nations under three core components, the legal and political environment, physical property rights and intellectual property rights. The IPRI emphasizes the great economic differences between countries with strong property rights and those without. Finland is at the top of this index for the fourth consecutive year. Pakistan is at the other end of the list. These 125 countries included in this Index form 97% of worlds GDP.

For India, property rights continue to be a challenge. This year’s Index ranks India at 53. For
Dr. EMS Natchiappan, Member Rajya Sabha during Dr. René Klaff's farewell reception the second year in a row, India’s performance slipped - from 6.1 in 2008,
Mrs. & Dr. Klaff welcoming the guests to 5.7 in 2009, and 5.4 in 2010.

Following the launch, friends and partners of FNF bid farewell to René Klaff who will leave India in a few weeks and later this year will take up his new assignment in Sofia, Bulgaria, as Regional Director Central, Southeast and East Europe, Southern Caucasus and Central Asia. In a selected gathering, the partners recognized the contributions made by Dr. Klaff during
Dr. René Klaff delivering his farewell speech his almost five-year tenure in India. At the same time, Siegfried Herzog was cordially welcomed as the incoming Regional Director South
Siegfried Herzog addressing the gathering Asia.

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