Property systems ill-equipped to handle extremes, risking societal fabric.
Western property systems struggle to address extreme situations like poverty, wealth disparity, and environmental harm. The American property system, in particular, is flawed due to its focus on individual rights and efficiency. This system fails to consider important external interests and long-term consequences. Climate change highlights the need for property systems to be restructured to protect both individual rights and the environment. Changes in property incentives and rules are necessary to minimize negative impacts on the earth and society.