In this Article, Professor Reed re-examines the importance of property as a formal legal institution. He continues by arguing that central to creating property is the right to exclude others from resources acquired without force, theft, or fraud. In countries where this right has been firmly established, per capita income far exceeds that of countries lacking a strong right to exclude. Professor Reed then asserts the importance to nation builders of appreciating the virtual semantic equivalence of the terms property and liberty. Finally, he argues that both the specific and broad senses of corporate governance can be reduced to property issues, making the understanding and implementation of a strong property system an important step toward prosperity, individual freedom, and sustainable peace
