The Market and Social Order - Assignment Example

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The Market and Social Order

As it is, a commonwealth or a civil society is imperatively necessary to administer any property regime. There must be collective national standards (Sen, 1996, pp. 148-163). As a matter of fact, the free market system necessitates an array of public institutions and standards to shore it up (Fried, 1998). From this standpoint, the free enterprise system is in itself a type of "commons regime," that is, a collaborative undertaking to improve and develop well-being founded on rights of private property, contracts and market exchange.
The concept that some types of property are intrinsically public has its origin in Roman law (Lee, 1956, pp.109-110). Some forms of property, the Romans believed, due to its nature and character, should not be under individual ownership and control. These types of property were called res extra commercium, in contrast, properties that could only be used in common because they were indivisible (e.g. waterways, ocean, land) were known as res communes.
Derived from this belief, courts came up with a unique line of "public trust" analysis to categorise certain forms of property, like natural r ...Show more

Summary

There exist an extended practice among libertarians and property theorists concerning private property and common property as downright opposites (Heller, 1999, pp.1163-1223). For them, human beings are organically dedicated to self-interest and private property and consider cooperation and collaboration in the quest for the accomplishment of joint objectives as an attribute of little or no consequence at all (Bethell, 1998)…
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The Market and Social Order essay example
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