Defining property rights key to development, cultural factors matter more than wealth
This paper looks at how property rights work and if they're made better as countries develop. The researchers say property rights have two parts: one is how they're set up, and the other is who gets them. They found that as countries get richer, they make sure property rights are assigned better. But the quality of how property rights are defined is more affected by culture, especially linked to Western European history. This means improving property rights assignment helps countries catch up, but how they're defined relies more on deep cultural roots.