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Property Rights, Inequality and Commons
Property Rights, Inequality and Commons
Thank you for inviting me to speak today about the relationship between property law and inequality – a topic that receives far too little attention. This should not be surprising. Now that free-market ideology has become the default worldview and political consensus around the world, private property is seen as synonymous with freedom, economic growth and human progress.
Oh yes, there is this nasty side issue known as inequality. Malcontents like the Occupy movement and renegade economists like Thomas Pikketty have brought this problem to the fore after years of neglect. Their success has been quite an achievement because for years the very existence of inequality has been portrayed as an accident, an aberration, a mysterious and shadowy guest at the grand banquet of human progress.
I wish to argue that hunger, poverty, inadequate education and medical care, and assaults on human dignity and human rights, are not bugs in the system. They arefeatures. Indeed, market ideologues often argue that such deprivations are a necessary incentive to human enterprise and economic growth; poverty is supposedly needed to spur people to escape through the work ethic and entrepreneurialism.
Property rights lie at the heart of this dynamic because they are a vital tool for defining and patrolling the boundaries of private wealth, and for justifying the inevitably unequal outcomes. So it’s important that we focus on the role of property rights in producing social inequality – without ignoring the many other forces, including social practice, culture and politics, that also play important roles.
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The Global Economy’s “Impeccable Logic”
The Global Economy’s “Impeccable Logic”
Ever since the Occupy movement coined the terms “the 1%” and “the 99%” to point out disparities of wealth and power, the gap between rich and poor has received a lot of attention. In his highly-regarded 2014 book,Capital in the Twenty-first Century, for example, Thomas Piketty’s central thesis is that wealth inequality is bound to increase in modern capitalist economies. This was underscored by a recent Oxfam report, which tells us that the world’s 85 richest people now have as much wealth as the poorest 3.5 billion; that the richest 1 percent will own more than half the world’s wealth by next year; and that in the US, the wealthiest one percent captured 95 percent of income growth since 2009, leaving the bottom 90 percent even poorer. (1) There’s more, but you get the idea.
Statistics like these have led to widespread questioning of the moral underpinnings of the global economy. But does morality have any place in conventional economic thinking? While the overseers of the global economy are beginning to see problems with the wealth gap, it’s for reasons that are neither moral nor ethical, but purely practical: extreme inequality, they fear, might threaten the continuance of the system itself. Christine Lagarde, Managing Director of the IMF, worries that “excessive inequality is not good for sustainable growth [sic]”(2), while billionaire and self-described plutocrat Nick Hanauer is even more concerned: “if we don’t do something to fix the glaring inequities in our society, the pitchforks will come for us.” (3)
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