Beiträge zur Jahrestagung des Ausschusses für Wirtschaftssysteme und Institutionenökonomik im Verein für Socialpolitik: "Marktwirtschaft im Lichte möglicher Alternativen", 27.-29. September 2015, Bayreuth
Performance of market coordination crucially depends on the quality of property rights as a bundle of several acting rights. Since acting rights can be created, changed or abandoned within the political system, the scopes of political decision making processes have a deep impact on the quality of property rights respectively on the quality and form of property The source of a faulty structure of acting rights can be found on the constitutional level of a societal system. Politicians are enabled to arbitrarily transform the structure of acting rights in capitalism from a more or less decentralized structure into centralized structures of acting rights found in socialism. Thus, in the context of rent seeking and lobbyism a wide range of discretionary political decision making options will adversely affect market coordination and therefore the distribution of wealth.
Property Rights Rules Regulation Market Economy Externalities Lobbyism Sovereignty Liability Structural Couplings Public Choice Fractionation Democracy Political Participation Preferences Social Systems