Property rights in Iraq.
I can’t be certain of the accuracy of the following claims but if true they do seem to represent in public policy terms some low hanging fruit ripe for the picking.
Schafer supplied some fascinating evidence. According to him, less than 5 percent of Iraq’s cultivatable agricultural land is “freehold” (owned with clear title). Ninety-five percent of the cultivatable land in Iraq is therefore “dead” (illiquid) and cannot be used as security for a bank loan. “Iraqi farmers who lack clear title can’t get (bank) loans,” Schaefer said. That limits economic creativity, particularly in a population demonstrably successful at small business operations. Schafer believes that 95 percent of family homes in Iraq also lack clear, secure title.
“Prime Minister Maliki needs to go on television,” Schaefer advised, “and say: ‘Citizens of Iraq, 95 percent of the property in this country is not legally in your name. You don’t have title to your own land or your own houses. We’re going to change that right now.’”
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As someone who works in the Lands Office of NSW, I see a business opportunity here! Australia can export its’ Torrens Title system to the world, or at least Iraq. This is a simple system which is admired around the world, and widely copied. So how does everyone want to be paid- a small refund sent to every Australian? A commemorative drop of oil?
Q. How many greens does it take to change a light bulb?
A. What’s wrong with using a candle, you exploited lackey of the electric companies!!??
An interesting development could be banks being registrars of title too, within a Torrens style system.
Candles kill moths you unthinking bastard.
I’m not sure if your tongue was in your cheek Nicholas.
The Torrens Title system itself might be relatively simple (although I’m not convinced) but the rest of the process of trading in land sure isn’t. Contracts are complex, lawyers are inevitable (feh) and the government helps itself big time. Compared to trading in equities it is appalling.
Terje, I’m insulted! I think about my jokes very carefully! They are not to be laughed at! As you’ve found out for yourselves, no doubt….
The answer was meant to be what a Greenoid might say, if asked to change a lightbulb.
Q. How many gays would it take to change a light bulb?
A. None- these days, the flourescent bulbs are already bent!