Does economic development require “certain” property rights?

2008 ◽  
pp. 77-90
Author(s):  
Peter Boettke ◽  
J Robert Subrick
Keyword(s):  
Economic Development ◽  
Property Rights

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.

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

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.

scholarly journals ENGLISH: Rethinking Ribā and the ‘Islamic’ Banking Experimentation

rahatulquloob ◽  
2021 ◽  
pp. 81-103
Author(s):  
Waqas Ali Haider ◽  
Muhammad Arsalan Aqeeq ◽  
Dr. Abdul Ghaffar
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Financial Stability ◽  
Critical Appraisal ◽  
Financial Intermediation ◽  
Allocative Efficiency ◽  
Islamic Banking ◽  
Deterministic Approach ◽  
Banking And Finance ◽  
Definition Of

The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation and the subsequent economic development. In case of an Islamic Banking and Finance as an alternate financial intermediation system adherence to the injunction of Islam is also critical. A critical appraisal of the state of contemporary Islamic Banking and finance (IBF) reveals that IBF has neither been able to achieve the aspirations of Islamic rhetoric, nor has been efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic sense of established principles of IBF, and the reasons of the persistent divergence of IBF, being accused to be based on ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Ribā, which has been explicated through a narrow fiqhi and legally deterministic approach. Deeming ‘a collaborative and dynamic Ijtihād’ as the elixir, this paper insists on the exigency of revisiting the definition of Ribā through a dynamic and collaborative Ijtihādi effort – i.e. a definition that incorporates the modern modes of economic cooperation and the contemporary financial intermediation ecosystem. The paper articulates Ribā in an agency theoretic framework to eschew expropriation of wealth, and assure protection of property rights, to sustain financial stability and economic development.

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