Abstract and Keywords
This chapter examines the institutions of a property rights system. It discusses the two ways for institutions of property to be developed: (1) through explicit or implicit bargaining as individuals combine their bilateral and multilateral relationships into communities made up of people with shared values and (2) through the use of “political means” entailing the threat to use violence as one individual or organized group takes scarce resources or the products of those resources from another individual or group through plunder or conquest and extortion. Emphasis is placed on the fact that a positive analysis of the evolution of the institutions of property must account for the influence of the rules adopted voluntarily to facilitate cooperation and those that arise as part of an involuntary transfer process.
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