Institutional Foundations of Impersonal Exchange

Institutional Foundations of Impersonal Exchange

EnglishHardback
Arrunada Benito
The University of Chicago Press
EAN: 9780226028323
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Detailed information

Governments and development agencies devote considerable resources to building institutions to protect property rights. When the owners of property feel that their claims are protected by law, they have greater incentive to invest in their property or use it as collateral. Similarly, when entrepreneurs are able to easily formalize their activities, they benefit from gaining access to courts and transforming their firms into legal entities. Policies for protecting property rights have thus become an important factor in economic growth. Benito Arrunada broadens this account through an examination of the costs and benefits of strong property rights within the context of impersonal trade. Trading with strangers is a route to growth, but inherent in the process are risks that can be mitigated by land and company registries, which enable both sides to protect their property rights. Tracing the development of registries in developed and developing countries, Arrunada argues that, while no single institutional arrangement is appropriate across the board, there are general principles that may be applied to facilitate the protection of both private property and impersonal trade. With its nuanced presentation of the theoretical and practical implications, this book expands our understanding of how property rights work in today's world.
EAN 9780226028323
ISBN 0226028321
Binding Hardback
Publisher The University of Chicago Press
Publication date August 24, 2012
Pages 320
Language English
Dimensions 24 x 17 x 3
Country United States
Readership General
Authors Arrunada Benito
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