Neo liberalism’s trickle-down theory of catering to the needs of the rich so
that development at higher level would trickle down into the lower levels to
bring people out of poverty is futile.
But, this does not mean that private property would do harm. Private
property has its own advantages.
Firstly, private owners tend to make better
use of their property as they will reap the benefits of any increase in its
value, or suffer if its value decreases.
Secondly, the economic value, that is
the price that the property will fetch in the future, incentivises the private
owner to maintain the asset.
Thirdly, the attempt of the private owners to gain
profit ensures competition which would in turn result in innovation.
The duty
of the government is to ensure that the private players do not override the
natural market mechanism to indulge in unethical practices. At the same time,
the basic framework created by the government must be simple, transparent and
conducive to ensure the high performance of private individuals
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