Property Rights Defined by Culture, Assigned by Development
The article explores how property rights influence wealth by looking at two dimensions: defining and assigning rights. It suggests that wealthier countries typically focus on assigning rights better, while the definition of rights depends more on culture, especially rooted in Western European traditions. The researchers find that enhancing the assignment dimension is linked to a country’s development, while the definition dimension is more tied to cultural influences. This difference may be due to how income from improving each dimension can be taken away and how it affects a country's advancement process.