Right to Own Property and Invest Globally

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 Introduction

In this paper, I will discuss the new international human rights on the right to own property and

invest in any country globally. I will first discuss why this is important in the 21st century. I will

then discuss how the establishment of this new right as a historical legal precedent. I will then

suggest a possible quantification of a measure that will indicate violations of this new right. I

will conclude by summarizing my main points.

Importance of the right to own property and invest anywhere globally in the 21st century

Principally, the right to own property and invest anywhere globally underscores that the law

guarantees and safeguards individual rights to own property and invest globally, regardless of

nationality. The right to own property and invest anywhere globally is important. Foremost, the

right to own property and invest anywhere globally is indispensable for economic growth in the

21st century. Hernando de Soto, the famous economist, explains that “you need property rights

before you can make money.” In the fast-paced 21st century, the right to own property and invest

anywhere globally acts as a further catalyst for economic endeavors. In addition, the right to own

property and invest globally leads to wealth creation as property owned and investments are a

means of income. Thirdly, this new human right enhances individuals’ autonomy and personal

freedom as it empowers people to make choices as well as expand their financial options. Lastly,

the right to own property and invest globally promotes social stability by giving individuals a

stake in their communities through increased community involvement, a sense of belonging, and

civic participation.

Precedencies Related to the Right to Own Property and Invest Globally

In retrospect, various international laws and precedents provide the foundation for the right to

own property and invest globally. Primarily the right to own property and invest globally is born

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out of the Universal Declaration of Human Rights [UDHR], proposed by the United Nations

General Assembly of 1948. Article 17 of the UDHR subsequently recognizes the right to private

property. Accordingly, the UDHR’s Article 17 notes, “Everyone has the right to own property

alone as well as in association with others” (United Nations 1948). Furthermore, the article also

goes on to state that “No one shall be arbitrarily deprived of his property” (United Nations 1948).

In this regard, UDHR Article 17 provides the global standard for the safeguarding of property

rights as well as sets precedence for the fundamental nature relating to property ownership. To

no small extent, the UDHR’s Article 17 declaration supports my new human right to own

property and invest globally in letter and spirit. This declaration promotes individuals’ and

groups’ right to own property anywhere globally, irrespective of their nationalities. Equally

important, the declaration also safeguards against the arbitrary deprivation of property, thus

protecting property right for individuals and promoting the ability to invest globally.

Similarly, Article 13 of the UDNR also presupposes that “Everyone has the right to freedom of

movement and residence within the borders of each state (United Nations 1948). This

declaration’s article safeguards individuals’ right to freedom of movement as well as residence

globally. In so doing, allowing the free movement and residence of individuals within each

state’s borders drastically allows for the mobility of entrepreneurs and capital flows globally. In

essence, UDHR Article 13 declaration will support my new human right on the right to own

property and invest in any country globally, in that it guarantees the freedom of movement and

residence in any country globally, thus giving individuals the right to freedom of movement to

any country and subsequently the right to own property and invest therein.

Equally, the International Convention on Civil and Political Rights [ICCPR], established in

1976, provides legally binding treaties built from the principles enacted in UDHR declarations.

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In this regard, Article 14 of the ICCPR recognizes and promotes the right to own property as

well as safeguarding against deprivation. This president acknowledges that property rights must

be protected by law. In addition, the article holds that individuals must have access to effective

remedy mechanisms if their property rights are violated. The precedence set herein is essential in

constructing a legal doctrine to recognize property rights on a global scale and effective remedies

against the deprivation of property.

In addition, the European Convention on Human Rights [ECHR], Article 1 of Protocol No. 1,

also sets the foundation for the right to own property and invest globally. In retrospect, Article 1

of Protocol No. 1 of the ECHR guarantees the property right. This article states, “Every natural

or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived

of his possessions except in the public interest and subject to the conditions provided for by law

and by the general principles of international law” (Grgic Aida et al. 2007).

This declaration supports my new human right to own property and invest in any country

globally by guaranteeing this right as well as safeguarding against the deprivation of owned

property and investment.

More so, the investment arbitration tribunals of the International Court of Justice [ICJ] also

provide precedence on cases related to global property ownership as well as investment disputes.

Accordingly, these tribunals are critical in interpreting and applying international laws in

resolving conflicts among foreign investors as well as states (Pellet 2013). Innately, the decisions

by these ICJ investment arbitration tribunals substantially contribute to the development of

precedencies that influence and further the understanding and protection of property rights and

investment globally. In retrospect, the decisions of ICJ’s investment arbitration tribunals support

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my new right to property ownership and investment globally by providing a mechanism for

conflict resolution between foreign investors and states.

Lastly, the World Trade Organization [WTO] and its underlying principles also provide

precedence for promoting and furthering international trade and investment. Particularly the

WTO agreement, such as the Agreement on Trade-Related Investment Measures as well as the

General Agreement on Trade in Services, substantially aims to promote cross-border investments

(Quillin 2003). Moreover, these underlying agreements also seek to institute codes for the non-

discrimination treatment of foreigners and foreign investors globally.

Quantification of the Right to Own Property and Invest Globally

There are several ways the right to own property and invest globally can be approached

quantitatively. Firstly, the right of property ownership and investing globally can be quantified

by measuring property ownership rates, particularly among a specific population or a country.

Ideally, this can be quantitatively approached through data collection regarding the percentage of

individuals or households owning property and having investments globally. Secondly, this new

right can be quantified through the assessment of investment flows by measuring the inflows and

outflows between countries or regions on a global scale. Herein, data on portfolio investments,

foreign direct investment and other capital flows is analyzed to capture and provide insight into

the extent of global investment activity, including cross-border investment. Thirdly, investment

climate indicators such as ease of doing business, regulatory measures, investor protection,

contract enforcement, and property rights-related indicators are another quantitative indicator for

measuring a region’s or country’s investment climate. Lastly, the right to own property and

invest globally can also be quantified by measuring the strength of property rights protection

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mainly through analyzing indices such as time, procedures and cost of property registry,

Economic Freedom Index and Property Rights Index.

However, it is prudent to note that quantifying the right to own property and invest in any

country across the globe often seems challenging, mainly owing to the multifaceted nature of the

rights themselves and the complex moderating factors influencing them. Barman and Daniel

(2018) underscore that despite some aspects of the right being quantifiable, it is imperative to

remember that not all right’s dimensions can be effectively captured by solely employing

quantitative measures.

Conclusion and Recommendations

In sum, the above context provides integral insight into the new human right of property

ownership and investing globally. This right is quintessential, particularly in the 21st-century

world, as it spurs economic growth, creates wealth, promotes entrepreneurship and innovation,

promotes social stability and drastically enhances individuals’ autonomy. Several international

laws and precedents, mainly the UDHR, ECHR, and WTO principles on international trade and

investment, validate the justification of my new human right. In terms of quantification,

measuring property ownership rates, investment flows, investment climate indicators and the

strength of property rights protection are quantitative approaches to quantifying this right. Given

the new right to own property and invest globally, the paper recommends lessening the property

ownership and investment restrictions on foreign investors, creating amicable conflict resolution

mechanisms and developing more international laws and precedents to cover this new human

right.

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 Bibliography

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Quillin, Scott. 2003. “The World Trade Organization and Its Protection of Foreign Direct

Investment: The Efficacy of the Agreement on Trade-Related Investment

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