ABSTRACT
The purpose of this chapter is to re-examine the conventional wisdom regarding the impact of increased levels of secure property rights on the level of income per capita across the world. Various strands of institutional economics have emphasized the role of property rights in influencing the level of economic development. The New Institutional Economics, represented by Douglass North, and the older Institutionalist tradition, represented by Allan Schmid, have each analyzed the effects of secure property rights and have offered alternative perspectives to understanding the role of property rights in encouraging wealth creation and economic development.
