Lecture 5

Lecture 5 - Lecture 5: Property as social process in the...

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Lecture 5: Property as social process in the rebuilding of New Orleans Blackboard Today: 1) overview of different forms of property 2) property as a social process: property issues and rebuilding New Orleans Tenure terminology Property : rights and obligations to things that are enforceable by custom, norm or law. not the things themselves not always absolute, private “bundle of rights” Tenure : the system of rules defining the allocation of property - law / custom “Tenure rights:” rights within a tenure system Sovereignty : supreme political authority in a geographic region or group of people. The sovereign: government, monarch, the people The ultimate authority to grant / take property 1
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Types of property Private : individual right to exclude State : institutional right to exclude Common : community member right to not be excluded Usufruct : individual right to be included (and exclude temporarily) Types of Property rights & obligations Exclusion / Non-exclusion
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Lecture 5 - Lecture 5: Property as social process in the...

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