Property Rights, Planning and Markets
Chris Webster, Lawrence Wai-Chung LaiISBN: 1840649046;
This book represents a major innovation in the institutional analysis of cities and their planning, management and governance. Using concepts of transaction costs and property rights, the work shows systematically how urban order evolves as individuals cooperate in cities for mutual gain. Five kinds of urban order are examined, arising as cooperating individuals seek to reduce the costs of transacting with each other. These are organizational order (combinations of property rights), institutional order (rules and sanctions), proprietary order (fragmentation of property rights), spatial order and public domain order. Property Rights, Planning and Markets also offers an institutional interpretation of urban planning and management that challenges boththe view that planning inevitably conflicts with freedom of contract and the view that its function is a means of correcting market failures. Real life examples from countries and regions around the world are used to illustrate the...
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