Esteemed Mr. Kinsella,
I originally intended to pose this question during one of your livestreams with a donation, but I noticed that you unfortunately do not take questions in that format.
I am a libertarian, and I am currently striving to study our theory more deeply. Recently, I had the pleasure of reading your chapter “A Libertarian Theory of Contract: Title Transfer, Binding Promises, and Inalienability.” I found your title-transfer theory of contract especially compelling.
However, the article focuses primarily on transactions between individuals. My question is: what does libertarian theory say about joint ownership? If joint ownership is possible, under what conditions can it arise, and on what principles is it governed? For example, may a shareholder demand that their portion be separated into private property, and if so, on what grounds?
Could you kindly recommend literature on this topic—whether authored by yourself or by other libertarian scholars—or perhaps consider discussing it in one of your future livestreams?
Should you find the time to address this matter, I would be deeply appreciative.
***
Kinsella:
See Libertarian Answer Man: Co-ownership and Ownership and Punishment of Criminals. Also: The Universal Principles of Liberty:
Resource — A scarce, rivalrous, means of action that a Person can control to achieve an end. A Person’s Body is a Resource, as can be things external to any Person’s Body (“External Resources”). Information, ideas, patterns, and knowledge—being non-rivalrous—are not Resources. External Resources may be owned by individuals or jointly by groups of Persons through contract or joint appropriation. Group ownership does not grant any rights greater than those an individual Person may hold.”
See also my more recent “The Title-Transfer Theory of Contract.”
A shareholder or other co-owner can demand division if the contract permits it or if the nature of the situation implies it. Imagine two children who inherit the family house. They can decide how to use it or if they cannot agree, either one can demand a sale and the proceeds to be split. Same with husband and wife, since divorce is possible. For corporations I would view a case of divided ownership governed by contract (a combination of the Articles of Incorporation, Shareholder’s Agreement, Bylaws, and so on) where the “owners” are the shareholders and managers, each with defined rights and roles. Someone who owns a share of Exxon or Google or Apple stock is called an owner by the law but we over-rely on state classifications. The Over-reliance on State Classifications: “Employee” and “Shareholder” The shareholder cannot use the corporate jet or the headquarters for a birthday party; the CEO can’t sell it or use it for a private penthouse. A shareholder is denied the right to sell the whole business if he doesn’t want to be a co-owner; he can instead sell his “shares.” And so on.
