Institutional Foundations of Impersonal Exchange电子书

Cover

Copyright

Title Page

Dedication

Contents

List of Illustrations

Acknowledgments

Introduction

Misguided Property Titling and Business Formalization Policies

How Public Registries Reduce the Transaction Costs of Impersonal Trade

Organization of the Book

Methodology and Exposition: Approach, Assumptions, and Caveats

One: The Role of Verifiable Contract Publicity in Impersonal Trade

Impersonal Exchange Requires Rights on Assets, Not Merely on Persons

What Do Rights on Assets Mean? Difference between Rights on Assets and Rights on Persons

Differences between the Economic and Legal Views on Enforcement—Or Why Economics Chose to Ignore Legal Property

Specialization and Transactions Require Multiple Rights on Each Asset, Hindering Impersonal Trade

Generalizing the Analysis

Prevalence and Varying Contractual Difficulty of Sequential Exchange

Information Problem of Sequential Exchange and Solving It by Selective Application of Property and Contract Rules

Conclusion and Next Steps

Two: Institutions for Facilitating Property Transactions

Private Titling: Privacy of Claims as the Starting Point

Publicity of Claims

Registration of Rights

Land Titling Systems Compared: Promise and Reality

Organizational Requirements: Registries’ Monopoly as a Safeguard of Their Independence

Three: Institutions for Facilitating Business Transactions

Prevalence of “Contract Rules” in Business Exchange

Requirements for Applying Contract Rules: The Rationale of Formal Publicity

Difficulties Involved in Organizing Company Registries: Independence and Collective Action

Lessons from Four Historical Cases

Registration and the Theory of the Firm

Four: Strategic Issues for Creating Contractual Registries

Understanding Conflict between Local and Wider Legal Orders

Following a Logical Sequence of Reform

Identifying the Key Attributes and Users of Registry Services

Evidence on the Effects of Property Titling

Evidence on the Effects of Business Formalization

Five: The Choice of Title and Registration Systems

Private versus Public Titling

Voluntary versus Universal Titling

Recordation of Deeds versus Registration of Rights

Choice of Business Formalization System

Six: Conveyancing and Documentary Formalization

The Palliative Nature of Documentary Formalization

Role of Conveyancers in Each Titling System

Market-Driven Changes in the Conveyancing Industry

Regulation of Conveyancing Services in the Twenty-First Century

Role of Title and Credit Insurance

Seven: Organizational Challenges

Producing Useful Information for Decisions on Formalization Systems

Integrating Contractual and Administrative Registries

Exploiting Technical Change

Structuring Incentives for Effective Public Registries

Reconsidering Self-Interest

Concluding Remarks

Recapitulation

The Challenge of Public Registries

Notes

References

Index