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Property Rights Literature Review

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Literature Review
Recently, numerous papers have established that Property rights encourage financial development which further depends on institutional characteristics, including legal, political, and economic frameworks as well.
For Pipes (1999), Hayek (1944) and O’Driscoll Jr & Hoskins (2003), property “provides the base for the emergence of political and legal institutions that guarantee liberty.” It means that property rights are the needed condition for political and social freedom as well. It can easily be observed in Russian history that there was no distinction between sovereignty and property. (23)
It is now well-recognized by many scholars (La Porta et al. 1997, 1998; Acemoglu et al. 2001, 2002; Engerman and Sokoloff 1997, 2002; …show more content…

Khan and Samad (2010) have optimistic empirical findings of the role of intellectual property rights which according to them, increase FDI in a country, especially in production and distribution sectors. They also stress that weaker institutions, corrupt bureaucracy, weaker capital concentration and employment protection have a negative influence on FDI.
Langinier and Crampes (2009) findings are quite different from some other economists. They explain that IPRs are legal constraints, which limit the entry in industries. In this way, the positive externalities of new entrants in the market would be stopped. The IPRs protection is effective only in pharmaceutical industries and to some extent in chemical industries which has limited shares in the …show more content…

It minimises the workload of the courts to settle property disputes and increase the creditworthiness of small farmers. Similarly, it also generates Government’s revenue in the form of tax and reduces the cost and time overruns in development projects and property acquisition. So, by these ways, property rights have an inverse relation to the transaction cost Khan (2006) and they increase efficiency [Demsetz (1967)].
Developing countries’ property rights system has several loopholes in their property right system through which big landlords with the help of corrupt bureaucracy and politicians avoid or evade taxes and create a scenario in which the politically weak people remain disadvantageous having less secure property rights. For example, Khan (2006) reported several cases of corruption in the Pakistan. Corrupt government personals asked for a bribe to issue allotment letter, accessing a file, giving NOC and other legally required documents even for an already purchased

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