Business Organizations as Natural Objects of Ownership

Given the importance of “property rights” in American law and cul- ture, academic and judicial disagreement over the content of the con- cept is a problem. Professor Eric Claeys makes considerable progress toward resolving this problem in his forthcoming book, Natural Prop- erty Rights. Using John Locke’s labor theory of property, the treatise identifies intelligible limits to the kinds of objects that qualify as prop- erty and provides guidance on how legal rights should operate for a given category of objects. It also identifies several examples of American law that already follow a Lockean framework. The chapters Designing Property Rights and Dividing Property Rights pull examples from cases discussing rights in animals, land, and water. This Article is the first to use Claeys’s natural property rights approach to explain the law of busi- ness organizations.