Chaerophon,Jun 25 2005, 09:39 AM Wrote:It looks like no-one owns a house... they are all just rented until further notice from the state
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Nicely put! :)
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Amusingly (even though it's not a topic to be amused about) China has been experimenting with private property ownership over the last decade, and here is the U.S. heading in the Communist direction :huh:
Without private property ownership (or at least very long term rental) no-one will be willing to invest in improvements to land/buildings (Why improve something if someone else will gain the benefit of it soon?). Reduced capital expenditure lowers long term growth rates... weakening the economy. Isn't this something that the U.S. would not want... with India, China etc. breathing down their necks? (--edit-- I'm referring to the small business here, improvements to residential properties don't affect growth).