One of the most fundamental requirements of a capitalist economic system - and one of the most misunderstood concepts - is a solid system of property rights. For decades, social critics in Venezuela have complained that "property" rights too often take precedence over "human" rights, with the result that people are treated unequally and have unequal opportunities. Inequality exists in any society. But the supposed conflict between property rights and human rights is a mirage. Property rights are human rights.
With a score of 98.4 on property rights, Singapore is a rich country where real estate and movable property rights are well protected, contracts are enforced and property registration procedures are efficient. Singapore has one of the strongest intellectual property rights regimes in the world. The judicial system is generally efficient and independent. Singapore is one of the least corrupt countries in the world.
With a score of 5.2 on property rights, Venezuela is a country with hunger and poverty that has been eviscerated by years of price control, nationalization, overregulation and direct expropriation. Companies that are not already nationalized face threats if they are considered to lack commitment to revolutionary objectives. The judiciary is very politicized and the rule of law, as it is traditionally understood, has ceased to exist. Corruption is widespread amid spiraling rates of violent crime.