More Market-Oriented than the United States and More Socialist than China: A Comparative Public Property Story of Singapore
Pacific Rim Law & Policy Journal, Vol. 23, 1-55
University of Hong Kong Faculty of Law Research Paper No. 2014/006
55 Pages Posted: 6 Feb 2014 Last revised: 1 Dec 2014
Date Written: February 1, 2014
Abstract
Compared to the more illustrious conceptualization of private property, the conceptualization of public property remains at a surprisingly infantile stage. The very definition of public property is ambiguous. This article utilizes a comparative case study of traffic congestion policies in the United States, China, and Singapore to highlight the conceptual pitfalls posed by the current confusion on public property. This article proposes a refined public property framework that offers greater conceptual clarity on the real issues at stake. In particular, this article argues that “property” in public property should include regulatory permits while “public” in public property should not be distracted by the requirement of public access. The allocation considerations of efficiency and fairness governing conventional public property are equally applicable to economically valuable regulatory permits. Similarly, public access is a mere form of allocation that should be changed upon alterations in use pattern arising from technological advancement and socioeconomic changes.
Keywords: Public Property, Private Property, China, Market Mechanism, Singapore, Efficiency, Corruption, Public Access, Traffic Management
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