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The Legal Theory of Private Property

Year 2023, Issue: 111, 39 - 62, 25.09.2023
https://doi.org/10.36484/liberal.1291578

Abstract

This paper is about the legal theory of private property. Private property is a set of rights on assets approved by the legitimate legal authority or state, and in this respect it differs from possession, which means control over assets. The fact that property derives its power from the legal system supported and enforced by the state means that it is legally constructed. The legal construction of private property has two important economic results. The first result is its effect on capital formation. This effect arises from the collateral role of private property or the privileges granted by law to certain assets. The second is that it causes income and wealth inequality through various channels. Contributing to economic development through capital formation, while also causing inequality, reveals different policy
requirements to reduce the latter.

Project Number

-

References

  • Alchian, A. A., and Demsetz, H. (1973). The Property Right Paradigm. The Journal of Economic History, 33(1), 16-27.
  • Alston, L. J., Libecap, G. D. and Schneider, R. (1996). The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier. The Journal of Law, Economics, and Organization, 12 (1), 25–61.
  • Alston, L. J., and Mueller, B. (2005). Property Rights and the State. Handbook of New Institutional Economics. (Eds.) Ménard, C. and Shirley, MM. AA Dordrecht, The Netherlands (pp. 573-590).
  • Ata, A. Y ve Dur, D. T. (2023). Mülkiyet Hakları İktisadı Üzerine Bir Literatür Taraması. Liberal Düşünce Dergisi, Yıl: 28, Sayı: 109, 127-154.
  • Bethell, T. (1999). The noblest triumph: Property and prosperity through the ages. New York: St. Martin’s Press,
  • Betz, T. (2008). The Property Theories of Bethell, Pipes and de Soto: Similarities and Differences in Emphasis to the Approach of Heinsohn, Stadermann and Steiger. Property Economics: Property Rights, Creditor’s Money and the Foundations of the Economy. (Ed.) Steiger, Marburg, Germany: Metropolis, (pp. 2-24).
  • Bellemare, M. F. (2013). The Productivity Impacts of Formal and Informal Land Rights: Evidence from Madagascar. Land Economics, 89(2), 272-290.
  • Binswanger, H. P., Deininger, K. and Feder, G. (1995). Power, Distortions, Revolt and Reform in Agricultural Land Relations. Handbook of development economics. (Eds) Jere, B. and Srinivasan, T. (Vol. 3). Elsevier, (pp. 2659-2772).
  • Clements, R. (2021). The Code of Capital: How the Law Creates Wealth and Inequality. Banking & Finance Law Review, 36(2), 323-328.
  • De Soto, H. (2002). Law and Property outside the West: A Few New Ideas About Fighting Poverty. Forum for Development Studies, 29 (2), Taylor & Francis Group.
  • De Soto, H. (2019). Sermayenin Sırrı: Kapitalizm Batı’da Zaferler Kazanırken Diğer Yerlerde Neden Başarısız, Çev. Murat Aygen, Ankara: Liberte.
  • Deakin, S., Gindis, D., Hodgson, G. M., Huang, K., and Pistor, K. (2017). Legal Institutionalism: Capitalism and the Constitutive Role of Law. Journal of Comparative Economics, 45(1), 188-200.
  • Demsetz, H. (1967). Toward a Theory of Property Rights. American Economic Review, 57, 347-359.
  • Dixit, A. K. (2004). Lawlessness and Economics: Alternative Modes of Governance. Princeton: Princeton University Press.
  • Ellickson, R. C. (1991). Order without Law. Harvard University Press.
  • Gerber, J. F. and Steppacher, R. (2017). Basic Principles of Possession-Based Economies. Anthropological Theory, 17(2), 217-238.
  • Ghatak, M. (2020). Property Rights and Productivity of Resource Allocation in Developing Countries. Mimeo. London School of Economics: https://personal. lse. ac. uk/ghatak/PropertyRightsEDI. pdf, 2020.
  • Gwartney, J. D., Stroup, R. L., Sobel, R. S., and Macpherson, D. A. (2006). Economics: Private & Pubic Choice. Mason, Ohio: Thomson, South-Western.
  • Haselmann, R. F. H., Pistor, K. and Vig, V. (2005). Creditor Rights and Banking Behavior: Evidence from Transition Economies. Available at SSRN 676958.
  • Heinsohn, G. and Steiger, O. (2013). Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles And Economic Development. Routledge.
  • Hodgson, G. M. (2015a). Conceptualizing Capitalism. University of Chicago Press.
  • Hodgson, G. M. (2015b). Much of the ‘Economics of Property Rights’ Devalues Property and Legal Rights. Journal of Institutional Economics, 11(4), 683-709.
  • Hoffmann, S. (2013). Property, Possession and Natural Resource Management: Towards a Conceptual Clarification. Journal of Institutional Economics, 9 (1), 39-60.
  • Johnson, S., McMillan, J. and Woodruff, C. (2002). Property Rights and Finance. American Economic Review, 92(5), 1335-1356.
  • Kerekes, C. B., and Williamson, C. R. (2008). Unveiling de Soto’s Mystery: Property Rights, Capital Formation, and Development. Journal of Institutional Economics, 4(3), 299-325.
  • Kroeber, A.R. (2016). China’s Economy: What Everyone Needs to Know. Oxford: Oxford University Press.
  • Krugman, P. (2022). Blockchains, What Are They Good For?. The New York Times, https://www.nytimes.com/2022/12/01/opinion/blockchains-what-are-they-good-for.html (1.12.2022). Lawson-Remer, T. (2012). Property Insecurity. Brook. J. Int’l L., 38, 145-191.
  • Lawson-Remer, T. (2013). Property Rights and Power. Current History, 112(757), 317-322.
  • Leblang, D. A. (1996). Property Rights, Democracy and Economic Growth. Political Research Quarterly, 49(1), 5-26.
  • Menell, P. S. (2001). Property: Legal Aspects. In International Encyclopedia of the Social & Behavioral Sciences, 12190-12196.
  • Milhaupt, C. J., and Pistor. K. (2008). Law & Capitalism. University of Chicago Press.
  • Morris, P. A. (2009). Mülkiyet Haklarının İktisadı. Liberal Düşünce, Çev. Akın, B., Kış-Bahar, Sayı 53-54, 25-32.
  • North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press.
  • North, D. C., and Weingast, B. R. (1989). Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England. The Journal of Economic History, 49 (4), 803-832.
  • Nutzinger, H. G. (2008). The Property Approach of Heinsohn and Steiger: Some Questions from an Institutionalist Viewpoint. Property Economics, Marburg, Germany: Metropolis ( pp. 61-67).
  • O’Driscoll Jr., and G., Hoskins, L. (2004). Ekonomik Kalkınmanın Anahtarı: Mülkiyet Hakları, Piyasa, Kış, Sayı 9, 49-72.
  • Oğuz, Fuat (2003). Mülkiyet Hakları: Bir Ekonomik Analiz. Ankara: Roma Yayınları.
  • Piketty, T. (2014). Capital In The Twenty-First Century. Translated by Arthur Goldhammer. Cambridge, Massachusetts, London, England: The Belknap Press of Harvard University Press.
  • Piketty, T., Yang, L. and Zucman, G. (2019). Capital Accumulation, Private Property, and Rising Inequality in China, 1978–2015. American Economic Review, 109 (7), 2469-96.
  • Pipes, R. (1999). Property and Freedom, New York: Alfred A.
  • Pistor, K. and Wellons, P. A. (1999). The Role of Law and Legal Institutions in Asian Economic Development, 1960-1995. Oxford University Press.
  • Pistor, K. (2019). The Code of Capital. Princeton University Press.
  • Rubin, P. H., and Klumpp, T. (2012). Property Rights and Capitalism. The Oxford Handbook of Capitalism, (Ed.) Mueller, D. C., Oxford: Oxford University Press, (pp. 204-219).
  • Samuels, W. J. (1989). The Legal-Economic Nexus. Essays on the Economic Role of Government. London: Palgrave Macmillan. https://doi.org/10.1007/978-1-349-12374-2_5, (pp. 162-186).
  • Sjaastad, E. and Bromley, D. W. (2000). The Prejudices of Property Rights: On Individualism, Specificity, and Security in Property Regimes. Development Policy Review, 18 (4), 365-389.
  • Steiger, O. (2006). Property Economics versus New Institutional Economics: Alternative Foundations of How to Trigger Economic Development. Journal of Economic Issues, 40(1), 183-208.
  • Steppacher, R. (2008). Property, Mineral Resources, and “Sustainable Development”. Property Economics: Property Rights, Creditor’s Money and the Foundations of the Economy. (Ed.) Steiger, Marburg, Germany: Metropolis, (pp. 323-354).
  • Steppacher, R. and Gerber, J. F. (2012). Meanings and Significance of Property with Reference to Today’s Three Major Eco-Institutional Crises. Towards an Integrated Paradigm in Heterodox Economics: Alternative Approaches to The Current Eco-Social Crises. (Eds.) Gerber, J. F. and Steppacher, R. Palgrave Macmillan, (pp. 111-126).
  • Williamson, O. E. (2005). The Economics of Governance. American Economic Review, 95 (2), 1-18.
  • Williamson, C. R. (2011). The Two Sides of De Soto: Property Rights, Land Titling, and Development. The Annual Proceedings of the Wealth and Well-Being of Nations, 95.
  • Woodruff, C. (2001). Review of De Soto’s The Mystery of Capital. Journal of Economic Literature, 39(4), 1215-1223.
  • Zhang, M. (2008). From Public to Private: The Newly Enacted Chinese Property Law and The Protection of Property Rights in China. Berkeley Bus. LJ 5, 317-363.

Özel Mülkiyetin Yasal Teorisi

Year 2023, Issue: 111, 39 - 62, 25.09.2023
https://doi.org/10.36484/liberal.1291578

Abstract

Bu makale özel mülkiyetin yasal teorisi hakkındadır. Özel mülkiyet varlıklar üzerinde meşru yasal otorite veya devlet tarafından onaylanmış bir dizi haktır ve bu yönü ile varlıklar üzerindeki kontrol anlamına gelen sahiplikten farklılaşmaktadır. Mülkiyetin gücünü devlet tarafından desteklenen ve uygulanan yasal sistemden alması onun yasal olarak inşa edildiği anlamına gelmektedir. Özel mülkiyetin yasal olarak
inşasının iktisadi olarak iki önemli sonucu vardır. Birinci sonuç sermaye oluşumuna etkisidir. Bu etki özel mülkiyetin teminat rolünden veya hukukun bazı varlıklara tanıdığı ayrıcalıklardan kaynaklanabilmektedir. İkincisi ise çeşitli kanallarla gelir ve servet eşitsizliğine neden olmasıdır. Sermaye oluşumu yoluyla iktisadi gelişmeye katkı sağlarken, aynı zamanda eşitsizliğe de neden olması ikincisini azaltmaya yönelik farklı politika gereksinimlerini ortaya çıkarmaktadır.

Supporting Institution

-

Project Number

-

Thanks

-

References

  • Alchian, A. A., and Demsetz, H. (1973). The Property Right Paradigm. The Journal of Economic History, 33(1), 16-27.
  • Alston, L. J., Libecap, G. D. and Schneider, R. (1996). The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier. The Journal of Law, Economics, and Organization, 12 (1), 25–61.
  • Alston, L. J., and Mueller, B. (2005). Property Rights and the State. Handbook of New Institutional Economics. (Eds.) Ménard, C. and Shirley, MM. AA Dordrecht, The Netherlands (pp. 573-590).
  • Ata, A. Y ve Dur, D. T. (2023). Mülkiyet Hakları İktisadı Üzerine Bir Literatür Taraması. Liberal Düşünce Dergisi, Yıl: 28, Sayı: 109, 127-154.
  • Bethell, T. (1999). The noblest triumph: Property and prosperity through the ages. New York: St. Martin’s Press,
  • Betz, T. (2008). The Property Theories of Bethell, Pipes and de Soto: Similarities and Differences in Emphasis to the Approach of Heinsohn, Stadermann and Steiger. Property Economics: Property Rights, Creditor’s Money and the Foundations of the Economy. (Ed.) Steiger, Marburg, Germany: Metropolis, (pp. 2-24).
  • Bellemare, M. F. (2013). The Productivity Impacts of Formal and Informal Land Rights: Evidence from Madagascar. Land Economics, 89(2), 272-290.
  • Binswanger, H. P., Deininger, K. and Feder, G. (1995). Power, Distortions, Revolt and Reform in Agricultural Land Relations. Handbook of development economics. (Eds) Jere, B. and Srinivasan, T. (Vol. 3). Elsevier, (pp. 2659-2772).
  • Clements, R. (2021). The Code of Capital: How the Law Creates Wealth and Inequality. Banking & Finance Law Review, 36(2), 323-328.
  • De Soto, H. (2002). Law and Property outside the West: A Few New Ideas About Fighting Poverty. Forum for Development Studies, 29 (2), Taylor & Francis Group.
  • De Soto, H. (2019). Sermayenin Sırrı: Kapitalizm Batı’da Zaferler Kazanırken Diğer Yerlerde Neden Başarısız, Çev. Murat Aygen, Ankara: Liberte.
  • Deakin, S., Gindis, D., Hodgson, G. M., Huang, K., and Pistor, K. (2017). Legal Institutionalism: Capitalism and the Constitutive Role of Law. Journal of Comparative Economics, 45(1), 188-200.
  • Demsetz, H. (1967). Toward a Theory of Property Rights. American Economic Review, 57, 347-359.
  • Dixit, A. K. (2004). Lawlessness and Economics: Alternative Modes of Governance. Princeton: Princeton University Press.
  • Ellickson, R. C. (1991). Order without Law. Harvard University Press.
  • Gerber, J. F. and Steppacher, R. (2017). Basic Principles of Possession-Based Economies. Anthropological Theory, 17(2), 217-238.
  • Ghatak, M. (2020). Property Rights and Productivity of Resource Allocation in Developing Countries. Mimeo. London School of Economics: https://personal. lse. ac. uk/ghatak/PropertyRightsEDI. pdf, 2020.
  • Gwartney, J. D., Stroup, R. L., Sobel, R. S., and Macpherson, D. A. (2006). Economics: Private & Pubic Choice. Mason, Ohio: Thomson, South-Western.
  • Haselmann, R. F. H., Pistor, K. and Vig, V. (2005). Creditor Rights and Banking Behavior: Evidence from Transition Economies. Available at SSRN 676958.
  • Heinsohn, G. and Steiger, O. (2013). Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles And Economic Development. Routledge.
  • Hodgson, G. M. (2015a). Conceptualizing Capitalism. University of Chicago Press.
  • Hodgson, G. M. (2015b). Much of the ‘Economics of Property Rights’ Devalues Property and Legal Rights. Journal of Institutional Economics, 11(4), 683-709.
  • Hoffmann, S. (2013). Property, Possession and Natural Resource Management: Towards a Conceptual Clarification. Journal of Institutional Economics, 9 (1), 39-60.
  • Johnson, S., McMillan, J. and Woodruff, C. (2002). Property Rights and Finance. American Economic Review, 92(5), 1335-1356.
  • Kerekes, C. B., and Williamson, C. R. (2008). Unveiling de Soto’s Mystery: Property Rights, Capital Formation, and Development. Journal of Institutional Economics, 4(3), 299-325.
  • Kroeber, A.R. (2016). China’s Economy: What Everyone Needs to Know. Oxford: Oxford University Press.
  • Krugman, P. (2022). Blockchains, What Are They Good For?. The New York Times, https://www.nytimes.com/2022/12/01/opinion/blockchains-what-are-they-good-for.html (1.12.2022). Lawson-Remer, T. (2012). Property Insecurity. Brook. J. Int’l L., 38, 145-191.
  • Lawson-Remer, T. (2013). Property Rights and Power. Current History, 112(757), 317-322.
  • Leblang, D. A. (1996). Property Rights, Democracy and Economic Growth. Political Research Quarterly, 49(1), 5-26.
  • Menell, P. S. (2001). Property: Legal Aspects. In International Encyclopedia of the Social & Behavioral Sciences, 12190-12196.
  • Milhaupt, C. J., and Pistor. K. (2008). Law & Capitalism. University of Chicago Press.
  • Morris, P. A. (2009). Mülkiyet Haklarının İktisadı. Liberal Düşünce, Çev. Akın, B., Kış-Bahar, Sayı 53-54, 25-32.
  • North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press.
  • North, D. C., and Weingast, B. R. (1989). Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England. The Journal of Economic History, 49 (4), 803-832.
  • Nutzinger, H. G. (2008). The Property Approach of Heinsohn and Steiger: Some Questions from an Institutionalist Viewpoint. Property Economics, Marburg, Germany: Metropolis ( pp. 61-67).
  • O’Driscoll Jr., and G., Hoskins, L. (2004). Ekonomik Kalkınmanın Anahtarı: Mülkiyet Hakları, Piyasa, Kış, Sayı 9, 49-72.
  • Oğuz, Fuat (2003). Mülkiyet Hakları: Bir Ekonomik Analiz. Ankara: Roma Yayınları.
  • Piketty, T. (2014). Capital In The Twenty-First Century. Translated by Arthur Goldhammer. Cambridge, Massachusetts, London, England: The Belknap Press of Harvard University Press.
  • Piketty, T., Yang, L. and Zucman, G. (2019). Capital Accumulation, Private Property, and Rising Inequality in China, 1978–2015. American Economic Review, 109 (7), 2469-96.
  • Pipes, R. (1999). Property and Freedom, New York: Alfred A.
  • Pistor, K. and Wellons, P. A. (1999). The Role of Law and Legal Institutions in Asian Economic Development, 1960-1995. Oxford University Press.
  • Pistor, K. (2019). The Code of Capital. Princeton University Press.
  • Rubin, P. H., and Klumpp, T. (2012). Property Rights and Capitalism. The Oxford Handbook of Capitalism, (Ed.) Mueller, D. C., Oxford: Oxford University Press, (pp. 204-219).
  • Samuels, W. J. (1989). The Legal-Economic Nexus. Essays on the Economic Role of Government. London: Palgrave Macmillan. https://doi.org/10.1007/978-1-349-12374-2_5, (pp. 162-186).
  • Sjaastad, E. and Bromley, D. W. (2000). The Prejudices of Property Rights: On Individualism, Specificity, and Security in Property Regimes. Development Policy Review, 18 (4), 365-389.
  • Steiger, O. (2006). Property Economics versus New Institutional Economics: Alternative Foundations of How to Trigger Economic Development. Journal of Economic Issues, 40(1), 183-208.
  • Steppacher, R. (2008). Property, Mineral Resources, and “Sustainable Development”. Property Economics: Property Rights, Creditor’s Money and the Foundations of the Economy. (Ed.) Steiger, Marburg, Germany: Metropolis, (pp. 323-354).
  • Steppacher, R. and Gerber, J. F. (2012). Meanings and Significance of Property with Reference to Today’s Three Major Eco-Institutional Crises. Towards an Integrated Paradigm in Heterodox Economics: Alternative Approaches to The Current Eco-Social Crises. (Eds.) Gerber, J. F. and Steppacher, R. Palgrave Macmillan, (pp. 111-126).
  • Williamson, O. E. (2005). The Economics of Governance. American Economic Review, 95 (2), 1-18.
  • Williamson, C. R. (2011). The Two Sides of De Soto: Property Rights, Land Titling, and Development. The Annual Proceedings of the Wealth and Well-Being of Nations, 95.
  • Woodruff, C. (2001). Review of De Soto’s The Mystery of Capital. Journal of Economic Literature, 39(4), 1215-1223.
  • Zhang, M. (2008). From Public to Private: The Newly Enacted Chinese Property Law and The Protection of Property Rights in China. Berkeley Bus. LJ 5, 317-363.
There are 52 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Araştırma
Authors

Bahar Baysal Kar 0000-0003-2335-6299

Project Number -
Publication Date September 25, 2023
Submission Date May 2, 2023
Published in Issue Year 2023 Issue: 111

Cite

APA Baysal Kar, B. (2023). Özel Mülkiyetin Yasal Teorisi. Liberal Düşünce Dergisi(111), 39-62. https://doi.org/10.36484/liberal.1291578