Is common property more credible than private or public property?

This question touches on the eternal dilemma between Institutional Form versus Performance that the Credibility Thesis aims to solve through a refocusing towards Function. For this reason: “One should be careful not to idolize state or common property, lest one commits a mistake to the same degree that neo-liberal and neo-classical thought idolize private property.” See: P. Ho, “An Endogenous Theory of Property Rights”, Journal of Peasant Studies, 2016, 43/6, p. 1138.

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“Rather than overemphasizing state-led or communal development as a panacea for economic and societal ills, the assembled studies have a fundamentally different story to tell: private property rights are not as important as the neo-liberal, neo-classical paradigms want us to believe, as other ownership types have equally critical roles in development. It all depends on time and place. Yet state, communal and private ownership should never be regarded as a given or precondition, but like any other institutional arrangement, they change endogenously according to the function they fulfill under ever-shifting socio-economic, political and cultural environments.” See: P. Ho, “An Endogenous Theory of Property Rights”, Journal of Peasant Studies, 2016, 43/6, p. 1138.

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