Document Type
Article
Publication Date
1996
Abstract
Using the experiences of Eastern Europe as an example, this article argues that, contrary to the economists' assumption that property rights are a precondition of a market economy, market institutions are often a prerequisite for a viable private property regime. Progress in the development of complex property rights in Eastern Europe, thus, cannot be expected to come primarily from a perfection of the legal system. Instead, it is more likely to arise as a market response to the demand for property rights. Indeed, legal entitlements can only be expected to become effective against a background of self-enforcing market mechanisms.
Disciplines
Contracts | Law | Law and Economics | Property Law and Real Estate | State and Local Government Law
Recommended Citation
Andrzej Rapaczynski,
The Roles of the State and the Market in Establishing Property Rights,
10(2)
J. Econ. Perspectives
87
(1996).
Available at:
https://scholarship.law.columbia.edu/faculty_scholarship/2253
Included in
Contracts Commons, Law and Economics Commons, Property Law and Real Estate Commons, State and Local Government Law Commons