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The Exchange Order – Property and Liability as an Economic System - Oxford Scholarship Online
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The Exchange Order: Property and Liability as an Economic System

Richard Adelstein


This book illuminates a comprehensive social system that comprises explicit markets, tort liability, and criminal liability, and describes each of these three institutions as serving the same function in different social and physical circumstances. It defines exchanges as compensated transfers of rights and objects among individuals, and shows that markets, tort, and crime each operate to organize and facilitate, to govern, exchange of a particular kind of right in a particular exchange environment to which its own rules and procedures are well suited. Under perfect conditions, each operates t ... More

Keywords: exchange, governance, voluntary exchange, markets, marginal-cost pricing, externality, involuntary exchange, tort liability, criminal liability

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780190694272
Published to Oxford Scholarship Online: September 2017 DOI:10.1093/oso/9780190694272.001.0001


Affiliations are at time of print publication.

Richard Adelstein, author
Woodhouse/Sysco Professor of Economics, Wesleyan University