IN A RECENT article (NR, Aug. 23) I pointed out that the international debt crisis would not soon go away, because the indebted countries have been unable to create property rights, which are indispensable if new wealth is to be created. And without new wealth, debts cannot be repaid. Moreover, I suggested, certain American elites have sometimes worked to obstruct the emergence of property rights abroad, whether or not they knew they were doing so.
Property rights depend on ...