Property, asserts Richard Pipes, is an indispensable ingredient not only of economic progress but also of liberty and the rule of law. In his new book, the Harvard scholar demonstrates how, throughout history, private ownership has served as a barrier to the power of the state, enabling the Western world to evolve enduring democratic institutions.

However, he warns that contemporary trends in the treatment of property - in a century that, he suggests, has been unfavorable to the institution - threaten to undermine the rights of citizens. And he makes clear why he believes that excessive interference by government, even when intended to promote the "common good," could lead to a diminution of freedom.