Charter City

            Say you are to create a city in an uninhabited part of the earth. What Economic Institutions would you put in it to insure that the city continues to have economic growth? There are five main institutions that would be very important: Property Rights, Rule of Law, Markets, and Free Trade

 In D&C 134:2 it reads: “We believe that no government can exist in peace except such laws are framed and held inviolate as will secure to each individual the free exercise of conscience the right and control of property and the protection of life.”

Property Rights is one of if not the most important Economic Institutions. In D&C 134:2 it mentions the right and control of property or property rights. In “Charter City” the right to own property gives privacy and allows for the buying and selling of property. This keeps Economic growth up. In ‘Greed’ it talks about multi-millionaires having large houses while others are homeless. The right for those millionaires to own that property they earned. It’s all about the economy and how hard you work at things to earn a substantial amount of property. On the reverse end those who are living in small homes may have worked their hardest but still failed in the ability to earn large amounts of property. Still in “Charter City” with property rights everyone will have the opportunity to own property.

The Rule of Law is another great and important Economic Institution. It creates the consistency and stability over time in the Economy. No new president can change the economy. The Rule of Law makes it so that no one man is above the government, therefore, creating no one man above the economy to change to law. With a good Economy set up it does not need to change making the Rule of Law a valid Institution.

Free Trade is allowing labor to move freely in our economy. The Commerce Clause that existed when this country was still young limited the allowance of trade and labor to move freely. There were Tariffs put on imports from states known as Interstate Commerce. Make sure that in “Charter City” there is free trade.

The Fourth and final Institution that I would put in my city is Free Market. It goes basically hand in hand with Free Trade. President Ezra Taft Benson said in The Case for the Free Market “The Free Market is based on the right to enjoy private enterprise and prophet.” He goes on the say “Men inherently possess God implanted attributes and potential: Reason, Free agency, judgment, compassion, initiative, and Personal Striving for Perfection” So Free market would cover a lot of the Economic needs that the city would need. Without a good Market, there would be corruption. A good example of a corrupt Market would be countries whose presidents deem a powerful wealthy company as government property no matter how hard those who own the property worked to get it to the point that it is in.

As a review the Institutions in Charter city would be Property Rights, Rule of Law, Free Trade and Markets. What would you put in Charter City?