Tag Archives: property rights

Democracy that Delivers #67: How Property Rights Are Key to Sustainable Economic Growth

From Left: moderator Anna Kompanek, with panelists Sylvia Luchini, Bill Endsley, Dr. Jolyne Sanjak, and Jane Katz

On the Democracy that Delivers podcast this week, we are sharing the recording of an event CIPE recently co-hosted with the International Real Property Foundation on the topic The Role of Property Rights and Property Markets in Sustainable Urbanization and Economic Growth. Listen to experts discuss how property rights and the institutions that support them –ranging from appropriate regulation to transparent financial markets– are key to sustainable development. Robust private property markets promote social stability, strengthen democratic institutions, and promote economic growth.

The Sustainable Development Goals (SDGs) call for equal rights, in particular by the poor and the vulnerable, to ownership and control over land and other forms of property. The SDGs also call for inclusive and sustainable urbanization, an imperative echoed at the recent United Nations Conference on Housing and Sustainable Urban Development (HABITAT III). Important progress has been made. Yet, billions of people around the world today still remain without access to secure property rights and the means to build sustainable settlements and economies.

This event took place on the sidelines of the World Bank Conference on Land and Poverty.

Panelists: 

  • Bill Endsley, Secretary General, International Real Estate Federation – US Chapter
  • Jane Katz, Director of International Affairs and Programs, Habitat for Humanity International
  • Sylvia Luchini, Managing Director, International Real Property Foundation
  • Dr. Jolyne Sanjak, Chief Program Officer, Landesa
  • Anna Kompanek, Director for Multiregional Programs, CIPE (discussion moderator)

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Democracy that Delivers Podcast #54: Bill Endsley on How Property Rights Are Essential for Business Development and Economic Growth

Podcast guest Bill Endsley

On this week’s Democracy that Delivers podcast, Secretary General of the International Real Estate Federation – USA, Bill Endsley, discusses the importance of property rights for economic growth and prosperity.

Endsley talks about how a lack of property rights, or inadequate access to information on property rights, can undermine markets and impede business development. He highlights trends in Southeast Asia, Eastern Europe, the Middle East, and Africa, and explains how – even in markets where there is thriving real estate development – poorly functioning property markets can undermine the health and sustainability of the economy. He discusses lessons the rest of the world can learn from the U.S. subprime mortgage crisis.

Endsley also talks about the property markets scorecard project that has mapped out the ecosystems of property markets in 30 countries so far. He highlights resources available through the project and discusses reforms that have been identified as a result of the scorecards. Learn more about the scorecards at www.propertymarketsscorecard.com

International Real Estate Federation – USA: www.fiabci-usa.com

Want to hear more? Listen to previous podcasts at CIPE.org/podcast.

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Kenneth Arrow: Directions of Research in the Coasean Tradition

Marginal Revolution blogger and George Mason University Professor Tyler Cowen moderates a panel on the future of economic research, featuring Nobel laureate Kenneth Arrow.

Marginal Revolution blogger and George Mason University Professor Tyler Cowen moderates a panel on the future of economic research, featuring Nobel laureate Kenneth Arrow.

Last year, CIPE and the U.S. Chamber of Commerce partnered with the Ronald Coase Institute to host a conference that celebrated the legacy of Ronald Coase and review research inspired by his work. Ronald Coase is perhaps best known for his explanation of the importance of transaction costs, property rights, and institutions to the functioning of an economy. A primary thought leader for new institutional economics, he received the Alfred Nobel Memorial Prize in Economic Sciences in 1991.

To recognize the anniversary of the conference, “The Next Generation of Discovery: Research and Policy Change Inspired by Ronald Coase,” CIPE focused this month’s Economic Reform Feature Service article on remarks given by Nobel Laureate and Professor of Economics Emeritus at Stanford University Kenneth Arrow.

To quote Arrow in his opening remarks, Ronald Coase’s work was “provocative, so undriven by fads.” In taking his own independent course, Coase challenged assumptions and norms, and left behind a wealth of insights that continue to influence today’s economic research agenda in a range of fields.

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Russia’s Plan for Economic Recovery: Demolish Small Businesses

With shocking disregard for property rights, due process and the rule of law, overnight on February 9 the Moscow city government set out around city to raze hundreds of small businesses. The demolition took place in spite of the fact that many of these businesses had the proper paperwork to operate a business in that location, and in some cases court orders staying any proposed demolition. While the Moscow city government can rely on revenue from other sources, these kiosks and mini-malls supported hundreds of small shops that provided employment for over 2,000 Moscow residents according to the city’s own estimates.

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Property Rights are Human Rights: How Land Titles Support Self-Determination for Indigenous People

(Photo: Darryl Dyck, The Canadian Press)

(Photo: Darryl Dyck, The Canadian Press)

Grand Chief Stewart Phillip, Okanagan Aboriginal Leader and President of the Union of British Columbia Indian Chiefs, was photographed with a broad smile on his face the day of the unanimous Canadian Supreme Court ruling granting the Tsilhqot’in First Nation in Canada title to 1,700-square-kilometer area of their traditional land. To the Grand Chief, the decision enables his community to “participate in the economic future of this province as equal partners.” Chief Roger William of the Xeni Gwet’in, one of the six groups of the Tsilhqot’in, echoed Steward’s enthusiasm, saying “This case is about us regaining our independence to be able to govern our own nation and rely on the natural resources of our land.”

The Canadian Supreme Court gives the Tsilhqot’in full rights to negotiate land use with corporations interested in mining, logging or developing their traditional territory.  Although the impetus for the Tsilhqot’in bringing the court case was a logging license issued by the government, the community is amenable to negotiating with business and developing portions of the Tsilhqot’in land. “The goal is to have proponents actually come through the door of the Tsilhqot’in Nation,” Chief Russell Myers-Ross of Yunesit’in said.

The Tsilihgot’in are among the few indigenous peoples that have full control over the use and development of their traditional land. Partially because of the Tsilihgot’in Nation’s unique history of never having signed land treaties with European settlers, two decades of court cases have paved the way for this land entitlement victory.

Although indigenous people around the world are granted rights to occupy land, these rights rarely extend to ability to manage the economic development of their land, which is generally managed by the government. This means that when businesses are interested in developing these territories they are legally obligated to negotiate use of the land with the government and not the local population.

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Property Rights, the Rule of Law, and Indigenous Rights

The United Nations chose “Ensuring indigenous peoples’ health and well-being” as the theme for this year’s International Day of the World’s Indigenous Peoples on August 9. (Photo: CIPE Staff)

The United Nations chose “Ensuring indigenous peoples’ health and well-being” as the theme for this year’s International Day of the World’s Indigenous Peoples on August 9. (Photo: CIPE Staff)

What do property rights and rule of law have to do with the rights, health, and well-being of indigenous people? Quite a lot.

The worldwide indigenous population is estimated to be between 220 million and 350 million, spread across all inhabitable stretches of the earth. Land and the natural resources provided by the earth are central to many indigenous cultures and beliefs. The land provides identity, nourishment, home, and often very significant religious or spiritual significance.

Despite this central importance of land, indigenous peoples have historically been deprived of their rights to land by colonization – both political and economic. Communal understanding of ownership and the absence of the concept of land ownership left the door open to such abuses. However, as indigenous rights are becoming more widely recognized and celebrated, many countries are taking important steps to ensure respect for these rights, in order to improve the opportunities and well-being of their indigenous citizens.

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Property Markets, the Rule of Law, and Real Estate Investment

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Real estate investors are attracted to the United States because its strong legal system protects their investment and because of the easy availability of accurate information. (Photo: Wikimedia Commons)

I recently participated in George Washington University’s 2015 Global Real Estate Conference in New York. Having been invited to share CIPE’s work developing the International Property Markets Scorecard at the International Real Estate Federation’s (FIABCI-USA) annual meeting, which dove-tailed with the conference, I took the opportunity to educate myself on the current happenings in the real estate field and see how CIPE’s work might resonate with the professionals most connected to international investment in property.

Headliners at the conference included international representatives from such prominent companies as Morgan Stanley, CBRE, Knight Frank, and Cushman & Wakefield. Mostly I learned a great deal of “inside baseball” language and can now boast a broader vocabulary, but there was another theme that kept coming up. Whether talking about mitigating risk, conducting valuation of property, or trying to determining capitalization rates, it all came down to the need for reliable information and a stable environment that allows for confident investing.

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