What is the relationship among property rights, corruption, and economic progress?

What is the relationship among property rights, corruption, and economic progress?



Property rights are the legal rights over the use to which a resource is put and over the use made of any income that may be derived from the resource. They way they relate with corruption comes in two forms: Private and Public action. Private action comes in the form of thievery or piracy, and public action comes in the form of legally; excessive taxation or illegally; bribery.

When these corruptions occur, it reduces foreign direct investment, the level of international trade, and the economic growth rate in a country. That's how economic progress relates.


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