Property Rights and the Historical Development of Texas and Alberta's Oil and Gas Industries: An Institutional Perspective.

摘要

Property rights, as a set of institutions, are often identified as a core component of economic development. Yet, their composition can differ substantially between jurisdictions. This research examines how jurisdictions with different forms of property rights can achieve similar degrees of economic growth and development. This is accomplished by performing a comparative historical study that surveys two cases with different underlying property regimes overseeing the disposition of resource rights for oil and gas. The historical developments of Texas and Alberta's oil and gas industries are therefore examined from an institutional lens, looking at particular periods of time that coincide with important institutional and economic changes. The outcome of the research indicates that with regard to influencing economic development, the underlying form of property rights matter less than the functions of the presiding resource regime.