The State's Enforcement Monopoly and the Private Protection of Property

Kristoffel Grechenig and Martin Kolmar

Journal of Institutional and Theoretical Economics (JITE), 2014, vol. 170, issue 1, 5-23

Abstract: The modern state has monopolized the legitimate use of force. This concept is twofold. First, the state is empowered with enforcement rights; second, the rights of the individuals are restricted. In a simple model of property rights with appropriation and defense activity, we show that a restriction of private enforcement is beneficial for the property owner, even if there are no economies of scale from public protection. We emphasize the role of the state as a commitment device for a certain level of enforcement. However, commitment will only work if the state can regulate private protection, such as private armies and mercenaries.

JEL-codes: K42 N40 P14 P37 P48 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (5)

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DOI: 10.1628/093245613X13871984731004

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