The Role of Secure Property Rights in Driving Economic Growth: A Review of Recent Evidence

Abstract

This paper aims to briefly explain the factors contributing to economic growth, particularly emerging and developing economies, emphasizing the impacts of secure property rights. Tangible and intangible assets such as land and minerals, patents and copyrights offer the investors legal recognition that enhances investment, inventive activities and efficient market exchange. The review demonstrates how property rights reforms have positively impacted agricultural yields, credit facilities, and FDI in sub-Saharan Africa, Southeast Asia and Latin American countries. The paper also focuses on the impact of intellectual property rights on technological advancement, especially in knowledge-based societies. While the previous shows that there are gains in reforms in property rights, it has to be stated that there are still hurdles in the implementation of property rights reforms for the benefit of the more significant population due to the following: ? Finally, the paper reiterates the importance of efficient and precise laws and policies that will enhance the efficiency of the property rights to enhance the economic returns.