Redefining property rights


Context

The "reformers" come to power and say:< 'From now on, all the factories will be owned by everyone.'< (the crowd cheers)< 'All the railroads will be owned by everyone'< (the crowd cheers)< 'All the cars will be owned by everyone'< (the crowd cheers)< 'All the bicycles will be owned by everyone'< 'Wait a minute. I "have" a bicycle', says one.

Value


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