If oil prices remain at a sustained high due to a war with Iran, this would mean a higher cost of living for most Americans, but it could help certain regions and populations within the US, such as oil-producing states like Texas and Oklahoma.

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Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.

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