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Property As A Guarantor Of Liberty

Author

Listed:
  • James M. Buchanan

Abstract

Defences for regimes of private property ownership are normally grounded on economic efficiency arguments. In Property as a Guarantor of Liberty a different approach is taken, one that grounds the defence of private property ownership on the protection it affords to individual liberty. Several interesting implications emerge from the analysis, including an explanation of the desire by individuals for ownership of consumer durable goods. A direct implication of this analysis is that constitutional limits must be in place, prior to any exercise of democratic governance, to constrain overt political intrusions into rights of property. The confusion that has corrupted Western attitudes, and that threatens to close off the opportunities now presented to emerging post-socialist societies, involves a failure to recognise that ‘constitutional’ must be placed in front of the word ‘democracy’ if the political equity of individuals is to contain any meaningful measure of freedom and autonomy.

Suggested Citation

  • James M. Buchanan, . "Property As A Guarantor Of Liberty," Books, Edward Elgar Publishing, number 382, December.
    • Handle: RePEc:elg:eebook:382
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    Cited by:

    1. Niclas Berggren & Therese Nilsson, 2013. "Does Economic Freedom Foster Tolerance?," Kyklos, Wiley Blackwell, vol. 66(2), pages 177-207, May.
    2. Steve Pejovich, 2003. "Understanding the transaction costs of transition: it's the culture, stupid," ICER Working Papers 24-2003, ICER - International Centre for Economic Research.
    3. Nathan Griffith, 2006. "“Deja Vu All Over Again:” Constitutional Economics and European legal Integration," Constitutional Political Economy, Springer, vol. 17(1), pages 15-29, March.
    4. John F. Henry, 1999. "John Locke, Property Rights, and Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 33(3), pages 609-624, September.
    5. Palma, J. G., 2022. "Financialisation as a (it's-not-meant-to-make-sense) gigantic global joke," Cambridge Working Papers in Economics 2211, Faculty of Economics, University of Cambridge.
    6. Niclas Berggren, 2009. "Choosing one’s own informal institutions: on Hayek’s critique of Keynes’s immoralism," Constitutional Political Economy, Springer, vol. 20(2), pages 139-159, June.
    7. Geoffrey Hodgson, 2005. "Knowledge at work: Some neoliberal anachronisms," Review of Social Economy, Taylor & Francis Journals, vol. 63(4), pages 547-565.
    8. Svetozar Pejovich, 2003. "Understanding the Transaction Costs of Transition: it's the Culture, Stupid," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 347-361, December.
    9. Lai, Lawrence W.C. & Chua, Mark Hansley & Ching, Ken S.T., 2017. "Rational development under uncertain de facto jurisdictional boundaries," Land Use Policy, Elsevier, vol. 68(C), pages 383-392.
    10. Palma, J. G., 2020. "Finance as Perpetual Orgy. How the ‘new alchemists’ twisted Kindleberger’s cycle of “manias, panics and crashes” to “manias, panics and renewed-manias”," Cambridge Working Papers in Economics 2094, Faculty of Economics, University of Cambridge.
    11. John Henry, 1999. "Property Rights, Markets and Economic Theory: Keynes versus Neoclassicism - again," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 151-170.
    12. Radnitzky Gerard, 1996. "The Inconsistency of Liberal Compromises," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 7(4), pages 1-51, December.
    13. Radnitzky Gerard, 1996. "The Inconsistency of Liberal Compromises," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 7(4), pages 1-48, December.
    14. George Djolov, 2014. "Business concentration through the eyes of the HHI," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 7(2), pages 105-127, September.

    More about this item

    Keywords

    Economics and Finance; Politics and Public Policy;

    JEL classification:

    • H0 - Public Economics - - General

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