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Strategies & Market Trends : ahhaha's ahs

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To: ahhaha who wrote (7996)	4/14/2006 8:51:00 AM
From: Wildstar	Read Replies (2) of 24758

Capitalism does not need property rights. I disagree. Capitalism can work without property rights on a small scale in which information about market participants is readily available. This is one way in which the tragedy of the commons can be overcome without private property. Robert Ellickson describes social norms among ranchers evolving to facilitate trade, negotiation, adjudication, etc in spite of the law. amazon.com But in a sufficiently complex economy of millions (and in the future, billions) of participants, information is hard to come by. Thus, legally recognized property rights and enforceable contracts become important to keep widening the sphere of market influence. In the words of F. A. Hayek, From the first establishment of trade which served reciprocal but not common purposes, a process has been going on for millennia which, by making rules of conduct independent of the particular purposes of those concerned, made it possible to extend these rules to ever wider circles of undetermined persons and eventually might make possible a universal peaceful order of the world. Social norms provide these "rules" on a small scale among neighbors; laws are necessary to provide them on a large scale among strangers.

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