On the other hand, by guaranteeing the right to own and use private property against government control and destruction, our Constitution secures our homes, our jobs, our educational opportunities, and our right to enjoy the fruits of our labor. Moreover, private property rights protection fosters environmental protection by rewarding those who conserve their resources and refrain from harming the public by use of their land. Indeed, it is no surprise that in those countries where private property rights are not protected, neither is the environment. For example, Bangladesh, Chernobyl, Africa, and Eastern Europe all are places in the world where property rights are under government control, there are no incentives to protect the environment or natural resources, and the environment is in shambles. Our Constitution also places such strong emphasis on protecting private property rights because the right to own and use property is more than just the ability to live quietly on a piece of land.
Property is buildings, machines, retirement funds, savings accounts, and even ideas.
In one sense it is our right to pursue our greatest aspirations. That is to say, property rights are another name for the engine that powers technological innovation and an improved standard of living. Today, we Americans enjoy unprecedented world market dominance that is based in no small part on the protection of all forms of property, most especially intellectual property. The bulk of that enormous wealth rests upon creative genius in the form of intangible property commonly recognized as patents, copyrights, trade secrets, brand name, market presence, and technological know-how. Despite the many benefits secured by our constitutional framework of property rights protection, some today question whether there is a need for rights in property or whether such rights retain any validity.