Sovereignty as Property: Rediscovering the Economic Foundations of Sovereignty in International Law

International Law – Revista Colombiana de Derecho Internacional, núm. 8, junio-noviembre, 2006, pp. 195-229 (2006)

36 Pages Posted: 22 Jun 2013

See all articles by Rene Uruena

Rene Uruena

Universidad de Los Andes, Faculty of Law

Date Written: June 20, 2006

Abstract

Sovereignty and the right to property share a common function, and may be seen as equivalent. This paper intends to argue such equivalence. In order to do so, it builds on COASE’s economic theory of property, and shows a close relation between COASE’s Theorem and the work of Thomas Hobbes, which has, in turn, set much of the basic framework of modern international law. This interjection serves as the starting point for comparing Hobbes’ Commonwealth with property rights, but finds considerable differences in their nature. However, these differences are not present when comparing property with the Commonwealth’s main feature: sovereignty. By applying certain methodological tools of comparative law, these similarities lead us to conclude that sovereignty and property, as legal institutions, follow the same logic, a conclusion that will be useful for further theorization on international law & economics.

Keywords: international law, sovereignity, property, Thomas Hobbes, Coase's Theorem

Suggested Citation

Uruena, Rene, Sovereignty as Property: Rediscovering the Economic Foundations of Sovereignty in International Law (June 20, 2006). International Law – Revista Colombiana de Derecho Internacional, núm. 8, junio-noviembre, 2006, pp. 195-229 (2006). Available at SSRN: https://ssrn.com/abstract=2282771

Rene Uruena (Contact Author)

Universidad de Los Andes, Faculty of Law ( email )

Carrera Primera # 18A-12
Bogota, DC D.C. 110311
Colombia

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