In a pattern that has become all too frequent, the police shooting of an African American man named Jacob Blake on August 23 again led to widespread unrest. Blake was shot, but he survived, and the situation was ambiguous—it wasn’t a clear-cut injustice. Nevertheless, there was violence and looting in Kenosha, Wisconsin.
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The extent of the destruction that shook the city after Blake’s shooting is now becoming apparent as the dust settles and locals start to comb through the ruins. According to the Wall Street Journal, at least 56 companies were damaged or destroyed as a result of theft or arson. There has been damage estimated to be worth $50 million.
The Journal writes that “the devastation has left shop owners in one of Kenosha’s oldest commercial districts grappling with why their establishments became casualties of the devastation that has followed protests against racism and police brutality, and whether they will have the money to rebuild and stay in the neighbourhood.
According to census figures, Kenosha has a population that is 79.5% white and 11.5% black, however residents claim that the Uptown neighbourhood is one of the city’s most diverse districts because the majority of its businesses are owned by people of color.
It seems that the consequences of rioting and looting will disproportionately hit minority communities in Kenosha, much like in Minneapolis and Chicago. Owner of La Estrella Supermarket Abel Alejo stated, “I always think that people have the right to protest—to protest peacefully—but this goes beyond that.” They were damaging the areas that they wanted to keep safe.
This destruction was condemned by a local Black Lives Matter leader as well, who said, “We’re not for doing anything to destroy our neighbourhood… it waters down our message. Although the damage is substantial, the defenders will undoubtedly attempt to minimise it by saying that “companies have insurance.
However, the harm goes beyond monetary loss. Additionally, even the most expensive insurance policy cannot cover the tremendous human and emotional costs of having your property damaged and having to pick up the pieces. Furthermore, any business attacked by vandalism will unavoidably suffer from lost revenue and underpaid labor.
In addition, a lot of small firms lack insurance or have inadequate coverage. They will be responsible for covering the expenses. We are ultimately reminded of a timeless lesson by the destruction in Kenosha and its disproportionate impact on urban, minority neighbourhoods. Property rights are the cornerstone of a market system.
Property rights, however, are not just about safeguarding the affluent and powerful businesses, despite how their detractors frequently characterise them. Immigrants, minorities, and the destitute are not prevented from achieving the American ideal by having their ascent up the economic ladder thwarted by the protection of private property.
Furthermore, by creating the conditions for long-term economic success that benefits everyone, the protection of property rights pushes everyone up. It is the backbone of our freedom and the source of our prosperity. The system of private property is the most crucial guarantee of freedom, not only for those who possess property but also little less for those who do not, according to Nobel laureate economist and philosopher Friedrich Hayek.
Property rights, according to economist Thomas Sowell, “belong legally to individuals, but their essential function is social, to benefit huge numbers of people who do not themselves exercise these rights. This simply means that when property rights are blatantly ignored, long-term instability results, scaring away potential investors and decreasing economic opportunities.
This frequently shows up as declining property values, greater insurance costs passed on to customers, decreased tax revenue, and a decline in local employment. You are not required to believe me. These precise impacts are documented in studies looking at the long-term economic effects of the Los Angeles Rodney King riots in the 1990s and the Civil Rights Era riots in the 1960s.
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