The question "why do some countries prosper while others lag behind?" has animated the research interest of economists since Adam Smith. Although, Smith's analysis delved into the imperative role played by the division of labour in economic growth, it also accentuated the import of the political and legal institutions protecting economic activity in explaining the wealth of nations.

This tradition was discussed at length and contrasted with others in the 1999 Index of Economic Freedom (IEF). In the 2002 IEF, the editors emphasised the role of constitutions and the system of property rights as they foster economic growth and wealth creation. The March 2007 International Property Right Index (IPRI) constructed by Alexander C. Horst of the National Center for Policy Analysis, Washington DC, comprised a total of eleven factors, which are grouped into three main categories as follows:

* Legal and Political Environment (LP):(a) Judicial Independence; (b) Confidence in Courts, (c) Political Stability, (d) Corruption.

* Physical Property Rights (PPR): (a) Legal Protection of Property Rights, (b) Registering Property, (c) Access to Loans.

* Intellectual Property Rights (IPR): (a) Protection of Intellectual Property Rights, (b) Patent Strength, (c) Copyright Piracy, (d) Trademark Protection.

The ranking and scores of selected countries presented in the table are based on a survey of 70 countries. The following summary of the survey analysis is worth noting.

* Countries from Northern Europe, particularly Scandinavia, received highest IPRI ranking of which Norway scored the highest rank.

* With a final score of only 2.2, Bangladesh is perceived to be the weakest protector of property rights and is among the bottom five in all three of the IPRI categories. Bangladesh performs weakly in the LP category, with a 1.7 score in both corruption and political stability.

* The average rank for the whole study 5.3, on a scale from 0 (weakest) to 10 (strongest) protections.

* Countries in the top quartile of the IPRI ranking have an average GDP per capita of $32,994, more than seven times higher than countries which rank in the bottom quartile.

The data clearly reveals that per capita GDP increase with higher level of property rights (see table, GDP column).

Bangladesh's scores and ranking reflect the period of BNP-Jamaat's reign of "catch and grab." With the consummation of the independence of the judiciary, and introduction of reforms in the ACC, PSC, and the police, hopes are high that property rights and the rule of law will improve significantly in coming weeks and months.

However, if the law enforces are indifferent, diffident, and fearful of being steadfast against taking actions against powerful perpetrators, governance will revert back to the culture of "catch and grab" -- one that defamed the country with lowest scores in both property rights and corruption.

Dr. Abdullah A. Dewan is Professor of Economics at Eastern Michigan University.