Contracting for Property Rights (Political Economy of by Gary D. Libecap

By Gary D. Libecap

During this booklet the writer examines the issues encountered in negotiations between claimants and the political and financial concerns that effect estate rights preparations. The histories of mineral rights, rights to diversity and trees land, and fishery and crude oil creation rights within the usa are tested and demonstrate a shocking number of contractual negotiations and monetary results. the writer concludes that during addition to an research of distributional results, an exam of the main points of the political bargaining underlying estate rights contracts is vital to an realizing of why rights grow to be they do. The booklet is a crucial contribution to either estate rights concept and to American monetary background.

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Additional resources for Contracting for Property Rights (Political Economy of Institutions and Decisions)

Example text

The federal government was considering various options regarding the disposal or reservation of its mineral lands and did not formally recognize existing private holdings until 1866.

The critical nature of the situation under the territorial courts was stressed by Charles DeLong, a delegate to the Second State Constitutional Convention: Of our 3 (territorial) judges at Nisi Prius at this time, one is sick and the others have absented themselves, and thus have blocked the wheels of justice; so that in reality we have no courts at all; although I know every lawyer knows that we have interests in litigation so vast in importance that the parties interested in them could almost afford to pay the expenses of a state government for one year if by that means they could have their rights judicially determined.

One of the miners considered his rights infringed upon; and a few days later, after a good deal of talk, his friends circulated an informal oral request through the camp, whose population had by that time increased to fifty or more, asking for a miners' meeting in the evening. 1 The mining camp regulations were incorporated subsequently in state legislation and judicial rulings throughout the West. Moreover, they were specifically recognized in the federal Mining Laws of 1866 and 1872, which allowed for the private patenting of federal mineral land.

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