Venezuela
The private property rights dictate that citizens can own whatever they want in their country. In fact, they are also allowed to sell, lease, or give away their property according to their wish as long as they do not infringe on the private property rights of other individuals. In Venezuela, the aspect is different because there are weak legal frameworks that govern private property rights. When the president confiscates the land and redistributes it to other individuals, it demonstrates that the Venezuela’s private property rights are not secure and universal for all citizens. Therefore, Venezuela will not create incentives, which will enable individuals to improve their living standards through business transactions in private property, including leasing, selling, and property investment.
Sub-Saharan Africa
Although the countries in the Sub-Saharan Africa are endowed with human and natural resources, economic diversity, and great culture, they still remain underdeveloped. The problems in Sub-Sahara are diverse, but mostly are synonymous. The region suffers from corruption, dictatorship, war, civil unrest, ethnic violence as well as political instability among other issues. They have tried to streamline economic growth, but the strategies of development established have failed because of inadequate political will. In addition, the international trade policies have not been favorable to African countries, hence, reducing integration to the global market. For instance, many international corporations from Europe and U.S are protected from competition from African industries. In fact, they do not allow preferential conditions for the African market.
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