By Gary D. Libecap
During this e-book the writer examines the issues encountered in negotiations between claimants and the political and fiscal concerns that impact estate rights preparations. The histories of mineral rights, rights to variety and bushes land, and fishery and crude oil construction rights within the usa are tested and exhibit a stunning number of contractual negotiations and monetary results. the writer concludes that during addition to an research of distributional results, an exam of the main points of the political bargaining underlying estate rights contracts is key to an knowing of why rights come to be they do. The e-book is a vital contribution to either estate rights concept and to American financial background.
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Extra resources for Contracting for Property Rights (Political Economy of Institutions and Decisions)
Land distribution was aimed at fostering economic growth and creating a large, prosperous, middle class. 7 For a discussion of the role of ideology in forming political decisions, see North (1981). 8 Federal lands also were used in other ways to promote the political goals of various politicians. Frontier land was granted to developers in exchange for private internal investments in roads and turnpikes, canals, and railroads. Land grants were made to the states to help underwrite private and secondary education and to establish land grant colleges (Morrill Act of 1862).
Instead, Congress experimented with leasing mineral lands when copper and lead deposits were discovered in the Midwest. High enforcement costs, however, led to the abandonment of leasing and to the sale of land with lead and copper deposits in 1846 and 1847. Prior to the California gold discoveries beginning in 1848, there was no information to suggest that federal mineral lands were very extensive. The reservation of ownership of mineral land by the federal government, however, was put to test with the California discoveries.
The recording requirement served to announce and to delineate individual holdings, thereby helping to avoid concurrent claims by another party. Recording also established the priority of a claim to reduce conflicts over priority of possession. Boundary specifications were determined by the type of mining involved. Placer claims for control of shallow minerals were made in terms of surface area, such as 200 square feet. Claims to deep veins were defined in terms of the vein and not surface land.
Contracting for Property Rights (Political Economy of Institutions and Decisions) by Gary D. Libecap