Getting Prices Right
Maintaining the property-rights infrastructure essential to a well-functioning market is primarily the responsibility of national governments. But, as the world economy has become increasingly interconnected, that infrastructure has gone global, raising the stakes of setting accurate market-price levels at the national level.
https://prosyn.org/20usdGp
HONG KONG – Building and maintaining the infrastructure of property rights – the rules, laws, registers, and administrative and judicial structures that define, protect, and enforce such rights and regulate economic transactions – has traditionally been the responsibility of national governments. But, as the world economy has become increasingly interconnected, a global property-rights infrastructure (PRI) has emerged – further raising the stakes of developing effective national PRIs and accurate price-discovery mechanisms.