After the American Civil War, agricultural reformers in the South called for an end to unrestricted grazing of livestock on unfenced land. They advocated the stock law, which required livestock owners to fence in their animals, arguing that the existing system (in which farmers built protective fences around crops) was outdated and inhibited economic growth. The reformers steadily won their battles, and by the end of the century the range was on the way to being closed. In this original study, Kantor uses economic analysis to show that, contrary to traditional historical interpretation, this conflict was centered on anticipated benefits from fencing livestock rather than on class, cultural, or ideological differences. Kantor proves that the stock law brought economic benefits; at the same time, he analyzes why the law's adoption was hindered in many areas where it would have increased wealth. This argument illuminates the dynamics of real-world institutional change, where transactions are often costly and where some inefficient institutions persist while others give way to economic growth.

Issues such as the patentability of scientific ideas, the market for organs and open source software are hotly debated and yet poorly understood. In particular, there is a great need for sound economic theorizing on such issues. There is also a need for a clear and concise exposition of the state-of-the-art of the economics of property rights. This book fulfils these various needs.

A new understanding of the causes and consequences of incomplete property rights in countries across the world.

Access to land and property is vital to people's livelihoods in rural, peri-urban, and urban areas in Africa. People exert tremendous energy and imagination to have land claims recognized as rights with a variety of political, administrative, and legal institutions. This book is dedicated to a detailed analysis of how public authority and the state are formed through debates and struggles over property in the Upper East Region of Ghana. While scarcity may indeed promote exclusivity, the evidence from this book shows that when there are many institutions competing for the right to authorize claims to land, the result of an effort to unify and clarify the law is to intensify competition among them and weaken their legitimacy. The book particularly explores how state divestiture of land in 1979 encouraged competition between customary authorities and how the institution of the earthpriest was revived. Such processes are key to understanding property and authority in Africa.

Contemporary law and economics has greatly expanded its scope of inquiry as well as its sphere of influence. By focussing specifically on a comparative approach, this Handbook offers new insights for developing current law and economics research. It also provides stimuli for further research, exploring the idea that the comparative method offers a valuable way to enrich law and economics scholarship. With contributions from leading scholars from around the world, the Handbook sets the context by examining the past, present and future of comparative law and economics before addressing this approach to specific issues within the fields of intellectual property, competition, contracts, torts, judicial behaviour, tax, property law, energy markets, regulation and environmental agreements. This topical Handbook will be of great interest and value to scholars and postgraduate students of law and economics, looking for new directions in their research. It will also be a useful reference to policymakers and those working at an institutional level.

Can private law assume an ecological meaning? Can property and contract defend nature? Is tort law an adequate tool for paying environmental damages to future generations? This book explores potential resolutions to these questions, analyzing the evolution of legal thinking in relation to the topics of legal personality, property, contract and tort. In this forward thinking book, Mattei and Quarta suggest a list of basic principles upon which a new, ecological legal system could be based. Taking private law to represent an ally in the defence of our future, they offer a clear characterization of the fundamental legal institutions of common law and civil law, considering the challenges of the Anthropogenic era, technological tools of the Internet era, and the global rise of the commons. Summarizing the fundamental institutions of private law: property rights, legal personality, contract, and tort, the authors reveal the limits of these legal institutions in relation to historical international evolution and their regulation in the contexts of catastrophic ecological issues and technological developments. Engaging and thoughtful, this book will be interesting reading for legal scholars and academics of private law and, in particular, those wishing to understand the role of law when facing technological and ecological challenges.

In sub-Saharan Africa, property relationships around land and access to natural resources vary across localities, districts, and farming regions. These differences produce patterned variations in relationships between individuals, communities, and the state. This book captures these patterns in an analysis of structure and variation in rural land tenure regimes. In most farming areas, state authority is deeply embedded in land regimes, drawing farmers, ethnic insiders and outsiders, lineages, villages, and communities into direct and indirect relationships with political authorities at different levels of the state apparatus. The analysis shows how property institutions - institutions that define political authority and hierarchy around land - shape dynamics of great interest to scholars of politics, including the dynamics of land-related competition and conflict, territorial conflict, patron-client relations, electoral cleavage and mobilization, ethnic politics, rural rebellion, and the localization and "nationalization" of political competition.