Overview

• Poverty is most prolific in countries where people are artificially restricted from making a living, and property rights are not respected (i.e., their property is stolen from them).
  • Such restrictions include the complex web of licenses, regulations, and artificial monopolies, all of which impede the free market economy.
  • Theft of property includes taxation, inflation, and extortion (corruption & bribery).
• All of these are examples of the penalties we face when we fail to adhere to the Legal Principle.
• Standards of living rise when people are free to trade with each other. Because parties to a voluntary trade are each in the best position to assess their own interests, free trade often yields a win-win outcome for both parties. Adhering to the Legal Principle is the most effective way to encourage the highest number of win-win trades and raise the standards of living for all people everywhere.
• The Live and Let Live Philosophy always encourages people to be kind to others voluntarily. In many cases, this means voluntarily helping those who are less fortunate than ourselves. Engaging in charity for the right reasons should always be encouraged.