Since the seventies, two different currents, the "market-based approaches" and the "patrimonial management", trigger the international water policy debate and have further impacts on a local scale. The goal of this article is to analyze the theoretical turmoil generated by the recognition of water as a common heritage. We first return on the Common Pool Resources (CPR) theory and on one of its extensions: the patrimonial mediation and subsidiarity management. We will present then the main lessons learned from the Economics of Heritage. These various approaches will then be discussed and used extensively to analyze traditional and modern water management institutions in France and in the Maghreb.
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