Key Traits To Economic Prosperity

Key Trait Economic Prosperity

In order to have a successful economy in the world there needs to be four traits. These four traits includes having protecting  property rights, having a republic government, having good financial markets while retaining free trade and having freedom of press.

The first trait of economic success is “property rights.” Through having property rights (ownership, patents, land,  etc…) people can reap the fruits of their labors. Unlike countries that limit how much money someone can make, countries with property rights protect the money that everyone makes. By having these property rights in place a country can have incentives for businesses to be created and opportunities to better one’s own economic situation.

The second trait of economic success is having a republic government. By having a republic government under a capitalist system that advocates for property rights, people have the power to influence freedoms that build a business driven society. Through having a business driven society that develops new technology without the government getting involved, new technology is built that creates new jobs and improves the standard of living for everyone.

The third trait of economic success is having good financial markets and free trade. With a free market system, competition clashes to make companies develop a better product at a cheaper price. In doing so, the consumer wins while the companies strive to develop and differentiate their product to turn a profit. With the help of good financial markets that use fractional banking to lend to the companies. The companies can leverage their way into becoming bigger and better at what they do. With the syndication of free trade and conservatively strong financial markets the expansion of an economy is infinite.

The fourth trait of economic success is having the freedom of the press. Without the freedom of the press a countries economy would be illiterate to creativeness and advertising. In a general sense no one would know what’s out there or what to buy. But with the freedom of the press the creation of new ideas and advertising prevails to deliver knowledge to the consumer and increase free trade. It only makes sense that if a country is to strive successfully they would need to have the freedom of the press.

In all if I were to drive people to come to my city/country, I would have to encompass these four traits to make my city/country economically successful.