What is the most important ingredient of economic success? You can make an argument that it is the rate of technological progress. Or the skills of the workforce. Or trade agreements and a free market, along with a stable government, a developed banking system and decent infrastructure. They are all important. But there is one factor that is crucial above all others. Secure property rights.

South Africa is about to give the world a sharp reminder of that, while tragically doing untold damage to itself. What used to be Africa’s most important economy is pushing ahead with a land expropriation law that will allow the government to seize farms without paying compensation. It is the same catastrophic policy that ruined Zimbabwe, and countless other countries in the past. That is not just a South African story, however, as important as that is. Across the world, the liberal-Left is increasingly toying with forms of expropriation – but we are about be taught all over again that without property rights an economy collapses very quickly.

When Cyril Ramaphosa took over from Jacob Zuma as president of South Africa almost a year ago, there were hopes that the new leader would create a pro-business, pro-enterprise economy. There was plenty of rhetoric around reform and renewal.