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Sovereignty as exchange of political property rights

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  • Alexander Salter

Abstract

I develop a positive theory of sovereignty that is rooted in political exchange. The key concept I use to characterize sovereignty is self-enforcing exchange of political rights. I conclude that a sovereign is an individual or body party to political exchange that does not rest on third-party enforcement. Importantly, sovereignty is an emergent phenomenon, defined in the process of bargains between holders of political power. I describe how political bargains within and across polities influences the distribution of political rights characterized by sovereignty, and I conclude by showing how my conception of sovereignty is compatible with theoretical understanding, and practical existence, of polycentric governance. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Alexander Salter, 2015. "Sovereignty as exchange of political property rights," Public Choice, Springer, vol. 165(1), pages 79-96, October.
    • Handle: RePEc:kap:pubcho:v:165:y:2015:i:1:p:79-96
    DOI: 10.1007/s11127-015-0293-4
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    References listed on IDEAS

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    Cited by:

    1. Daniel Sánchez-Piñol Yulee, 2024. "Checkmate: What was a King's worth in nineteenth-century Latin America?," Constitutional Political Economy, Springer, vol. 35(2), pages 174-199, June.
    2. Andrew T. Young, 2019. "How Austrians can contribute to constitutional political economy (and why they should)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 281-293, December.
    3. Andrew T. Young, 2015. "Hospitalitas," Working Papers 15-41, Department of Economics, West Virginia University.
    4. Daniel J. Smith & George R. Crowley & J. Sebastian Leguizamon, 2021. "Long live the doge? Death as a term limit on Venetian chief executives," Public Choice, Springer, vol. 188(3), pages 333-359, September.
    5. Salter, Alexander William & Young, Andrew T., 2018. "A theory of self-enforcing monetary constitutions with reference to the Suffolk System, 1825–1858," Journal of Economic Behavior & Organization, Elsevier, vol. 156(C), pages 13-22.
    6. Ennio Piano, 2020. "Coase Goes to War: Contract Choice on the Battlefield," Revue d'économie politique, Dalloz, vol. 130(6), pages 1001-1023.
    7. Young, Andrew T., 2018. "Hospitalitas: Barbarian settlements and constitutional foundations of medieval Europe," Journal of Institutional Economics, Cambridge University Press, vol. 14(4), pages 715-737, August.
    8. Alexander William Salter, 2016. "Political Property Rights and Governance Outcomes: A Theory of the Corporate Polity," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Winter 20), pages 1-20.
    9. Andrew T. Young, 2017. "How the City Air Made Us Free: The Self-Governing Medieval City and the Bourgeois Revaluation," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 32(Winter 20), pages 31-47.
    10. Ennio E. Piano, 2019. "State capacity and public choice: a critical survey," Public Choice, Springer, vol. 178(1), pages 289-309, January.
    11. Peter J. Boettke & Rosolino A. Candela, 2020. "Productive specialization, peaceful cooperation and the problem of the predatory state: lessons from comparative historical political economy," Public Choice, Springer, vol. 182(3), pages 331-352, March.
    12. Andrew T. Young, 2021. "The political economy of feudalism in medieval Europe," Constitutional Political Economy, Springer, vol. 32(1), pages 127-143, March.
    13. Candela, Rosolino A., 2020. "The political economy of insecure property rights: insights from the Kingdom of Sicily," Journal of Institutional Economics, Cambridge University Press, vol. 16(2), pages 233-249, April.
    14. Alexander William Salter & Andrew T. Young, 2018. "Medieval representative assemblies: collective action and antecedents of limited government," Constitutional Political Economy, Springer, vol. 29(2), pages 171-192, June.
    15. Alexander William Salter & Andrew T. Young, 2019. "Polycentric Sovereignty: The Medieval Constitution, Governance Quality, and the Wealth of Nations," Social Science Quarterly, Southwestern Social Science Association, vol. 100(4), pages 1241-1253, June.

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    More about this item

    Keywords

    Anarchy; Catallaxy; Constitutions; Politics as exchange; Polycentricity; Sovereignty; B53; H1; H77; P5;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • H1 - Public Economics - - Structure and Scope of Government
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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