Effective Property Rights and Economic Development: Next Steps

2001 ◽  
Vol 2001 (1) ◽  
pp. 251-271 ◽  
Author(s):  
Hernando de Soto ◽  
Robert E. Litan
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Effective Property

Foreign Direct Investment and Trade Related Intellectual Property Rights (TRIPS): The Case of Latin American & Caribbean Developing Economies

2018 ◽  
pp. 1-17
Author(s):  
Mumtaz Hussain Shah
Keyword(s):  
Economic Development ◽  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Latin American ◽  
Developing Economies ◽  
Intellectual Property Right ◽  
Market Size ◽  
Annual Data ◽  
Macroeconomic Stability

The growing share of knowledge-intensive products in international trade and the increasing sensitivity of multinational firms to intellectual property theft make it imperative to analyse the effect of IPR promulgation on their FDI decision. In this perspective the current article gauge the importance of Trade Related Intellectual Property Rights (TRIPS) agreement under World Trade Organisation (WTO) in increasing a Latin American & Caribbean (LAC) developing economy’s appeal for investors from abroad. Infrastructure and skilled labour availability, market size, macroeconomic stability, economic development, and trade liberalization are also considered. Time-invariant phenomena such as access to the sea, regional affiliations/proximities, income groupings and ability to speak one of the international languages, though desirable were not done because fixed effect panel estimation technique does not permit the use of dummy variables. Due to the 2008-2009 recession in the developed economies, the available investment funds withered, making the investors’ sceptic apropos the safety of their tangible and intangible property, especially in the developing world, causing a decrease in FDI to these nations in general. However, LAC countries were somewhat resilient and received a steadily increasing flow of foreign investment. Thus, it demands to analyse the factors that overcame the overseas investors’ scepticism and prompted them to invest in the LAC region. By utilizing annual data for 28 years that is 1989-2016 from 24 LAC developing nations it is found that infrastructure and human capital availability, macroeconomic stability, economic development, strengthening and worldwide harmonization of intellectual property right standards through TRIPS positively effects the overseas investor's investment decision. The host population used to measure market size is found to be insignificant when tested with other conventional FDI location pull factors. Similarly, liberalization, consistent with horizontal FDI theory, exerts a significant negative effect on inward FDI.

Pastoral Lease Tenure in Australia: Historical Relic or Useful Contemporary Tool?

1994 ◽  
Vol 16 (1) ◽  
pp. 106 ◽  
Author(s):  
JH Holmes ◽  
LDP Knight
Keyword(s):  
Property Rights ◽  
Sustainable Use ◽  
Policy Instruments ◽  
Performance Standards ◽  
Effective Property ◽  
Policy Instrument ◽  
Private Land ◽  
Resource Needs ◽  
Wide Range ◽  
Perceptions And Expectations

Pastoral leasehold has evolved as the vehicle for the flexible award of property rights and duties in Australia's rangelands capable of serving as an effective public policy instrument while meeting the needs of titleholders. These capabilities were most clearly revealed during the interventionist phase of planned closer settlement. With the loss of policy momentum directed towards further pastoral development and closer settlement, leasehold tenure appeared to be in danger of becoming a bureaucratic anachronism. More recently, however, the sharply escalating revival of public interest in the rangelands is forcing a re- examination of property rights, with renewed interest in lease tenures as policy instruments, within a context of multiple values and uses, many not being readily tied to private land title. We examine the theoretical arguments as well as the pragmatic case for retaining a distinctive regime of limited property rights in Australia's rangelands, focusing on the following issues: matching property rights with resource contexts; balancing internalities and externalities; timing the award of property rights; specificity and flexibility; coordinated administration; and perceptions and expectations. We conclude by identifying the core attributes of an effective property-rights regime based on lease title. These attributes are: clear specification of the property rights of the lessee, designed to meet the resource needs of the enterprise; performance standards with increasing emphasis on sustainable use; capacity to award additional rights, where additional resources can be internalised effectively; specification of the rights of other interest-groups; powers of resumption for more intensive uses; powers to revise lease conditions; and payment of an annual rent. We foresee the revival of the leasehold system as a mechanism for defining property rights and duties precisely, and as an instrument for delivering policies on a wide range of issues concerning the management and use of the rangelands.

scholarly journals Much of the ‘economics of property rights’ devalues property and legal rights

2015 ◽  
Vol 11 (4) ◽  
pp. 683-709 ◽  
Author(s):  
GEOFFREY M. HODGSON
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Legal Rights ◽  
Economic Rights ◽  
Perceived Justice ◽  
Human Motivation ◽  
Hernando De Soto ◽  
Von Mises ◽  
Legal Infrastructure

AbstractLegal theorists and other commentators have long established a distinction between property and possession. According to this usage adopted here, possession refers to control of a resource, but property involves legally sanctioned rights. Strikingly, prominent foundational accounts of the ‘economics of property rights’ concentrate on possession, downplaying the issue of legitimate legal rights (Alchian, 1965, 1977; Barzel, 1994, 1997, 2002; von Mises, 1981). Some authors in this genre make a distinction between ‘economic rights’ and ‘legal rights’ where the former are more to do with possession or the capacity to control. They argue that ‘economic rights’ are primary and more relevant for understanding behaviour. But it is argued here that legal factors – involving recognition of authority and perceived justice or morality – have also to be brought into the picture to understand human motivation in modern societies, even in the economic sphere. As other authors including Hernando De Soto (2000) have pointed out, the neglect of the legal infrastructure that buttresses property has deleterious implications, including a failure to understand the role of property in supporting collateralized loans for innovation and economic development.

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