Law Commons^™

Property And Prosperity, A Demythifying Story, Xiaoqian Hu

St. John's Law Review

(Excerpt)

Economic development is fundamentally a property law story. Prominent thinkers―from Adam Smith and Jeremy Bentham, to Douglass North and Richard Posner―tell us that protection of private property rights is essential for economic growth and wealth accumulation. Clear and freely alienable property rights reduce transaction costs and allow private bargaining to produce efficient results. Property rights allow owners to internalize the costs and benefits of their own behavior, reduce production costs, and encourage innovation. Secure property rights protect owners from arbitrary confiscation by the government, foster owner expectations, and facilitate investment, trade, and the development of financial markets. The idea …

Residential Zoning Regulations And The Perpetuation Of Apartheid, Janai S. Nelson

Faculty Publications

In January of 1996, the South African Parliament ratified the long-awaited Land Reform (Labour Tenants) Bill, which has engendered heated controversy since its inception. For many, the success of the Land Reform Bill portends the economic and political future of South Africa and is a gauge of apartheid's vital signs. Without land, most South Africans would remain in the same impoverished and disenfranchised conditions that they were in under the apartheid regime. With land, however, South Africans have an improved chance to achieve economic equality. Land reform and land use have become particularly crucial issues in light of President Mandela's …