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Toward a Theory of Property Rights II: The Competition between Private and Collective Ownership

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  • Demsetz, Harold

Abstract

This essay broadens the theory of property rights, extending it beyond one based on changes in the importance of externality problems to one that is focused on quite different aspects of exchange. It argues that these aspects have been changing in ways that generally, but not always, have increased capitalism's productivity relative to collectivism's. The nature of transactions emphasized here has no necessary connection to, but does not exclude, externality problems. The focus here is on aspects of the relationship between parties who are engaged in exchange activities. Observations on historical happenings supplement the otherwise mainly conceptual and theoretical discussion. Copyright 2002 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 31 (2002)
Issue (Month): 2 (June)
Pages: S653-72

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Handle: RePEc:ucp:jlstud:v:31:y:2002:i:2:p:s653-72

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Web page: http://www.journals.uchicago.edu/JLS/

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Cited by:
  1. Granville, Brigitte & Leonard, Carol S., 2010. "Do Informal Institutions Matter for Technological Change in Russia? The Impact of Communist Norms and Conventions, 1998-2004," World Development, Elsevier, vol. 38(2), pages 155-169, February.
  2. Joireman, S.F., 2008. "The Mystery of Capital Formation in Sub-Saharan Africa: Women, Property Rights and Customary Law," World Development, Elsevier, vol. 36(7), pages 1233-1246, July.
  3. Quinn, C.H. & Fraser, E.D.G. & Hubacek, K. & Reed, M.S., 2010. "Property rights in UK uplands and the implications for policy and management," Ecological Economics, Elsevier, vol. 69(6), pages 1355-1363, April.

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