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Henry Wallace Exercises the Benefits of Capitalism

Makes Gift of Green Space

by Pat Pending

Henry Wallace owns a large tract of property adjacent to the Ohio River near Louisville, Kentucky, which he wants to remain as green space forever.  For that reason, he recently exercised his right as a property owner to put a restrictive covenant on his property, preventing the property from ever being developed.  Wallace’s actions show the benefits of a system that respects private property rights.  Only in a capitalist system, where private property rights are respected, could a person ensure that a certain tract of property would remain as green space forever.  In a system in which the government controlled property, the use of the land could be changed upon the whim of the government, and the green space could be lost.

Wallace has done what everyone should do – put his money where his mouth is.  He was concerned about the protection of green space, so he used his own money and property to ensure that an area would remain undeveloped.  He did not try to use government to forcibly take property rights away from other property owners without compensation, as many so-called "do-gooders” propose to do.  His actions show how a private property system permits people to act respectfully and peacefully to achieve their goals.  Others who wish to control the use of property should follow his example.  If you want to control property, buy it, or buy the rights that you want, such as the right to develop the property.  But don’t steal.

If we want a society that respects people, then we must also respect people’s property.  Only by controlling property are people able to achieve their goals in life.  If your goal is to protect green space, then you must be able to control land.  If your goal is to feed hungry people, then you must be able to purchase food.  If your goal is to educate children, then you must be able to provide a place (land and a building), and you must have money to pay teachers.  Only if your property rights are respected are you able to carry out your goals.  When we do not respect people’s property, then we are not respecting the people and their desires and goals.

It is wonderful that our capitalist system provides everyone, even avowed communists, the ability to carry out their goals in a peaceful manner, simply by respecting their property rights.