ABSTRACT

AswehaveseeninChapter3,commonpropertiescanfollowdifferent evolutionarytrajectoriesdependinguponahostofcomplexfactors, includingnotonlythebenefitsofinternalizationofexternalitiesand the(transaction)costsofprivatizationbutalsothesocialcapital endowmentoftheparticularsocietyconcerned,thecharacterofstate interventionsandtheredistributiveimpactofprivatization.A commonpropertymaythusgetreinforcedthroughcollectiveregulation,bepartitionedintoindividualparcelsofresource,ordissolve underthedeleteriousinfluenceoftheforcesofstrategiccompetition whenneitherprivaterightsofusenorcollectiverulesareestablished. Inthepresentchapter,Iassumethatthecommonpropertyresource hasbeensuccessfullydividedamongacertainnumberofusers.