Image Source: http://iconbronze.com/Booker%20T%20Washington%20Bronze%20Statue%20Monument.htm. One of the foremost leaders of the African-American community, Booker T. Washington was a great educator and orator who founded the Tuskegee Normal and Industrial Institute in Alabama, now known as the Tuskegee University.
Private property. In a capitalist economy, people have rights to the fruit of their labor and whatever other property they acquire through legal means. Property includes a person's life (we own our own bodies) and liberty as well as physical possessions. Alienable property--possessions--can be sold or leased to others.
Let's review. Economic policy is a term used to describe the actions of the government that influence an economy. These actions often come in the form of taxes, interest rates, and government expenditures. The government uses three methods to influence an economy, and they are: Allocative Functions.