By World Bank
Land is a key portion of the wealth of any country. all through heritage, nearly all civilizations have spent massive time defining land rights and developing associations to manage them. Well-defined, safe, and transferable rights to land are the most important to improvement efforts.
In constructing international locations, such a lot land is used for agricultural construction, a mainstay of monetary sustenance. The ownership of land rights additionally in most cases guarantees a baseline of shield and foodstuff provide and permits humans to show latent resources into stay capital via entrepreneurial job. as soon as safe of their land rights, rural families make investments to extend productiveness. additionally, using land as a first-rate funding automobile permits families to acquire and move wealth among generations. the facility to take advantage of land rights as collateral for credits is helping create a far better funding weather and land rights are hence, on the point of the economic system, a pre-condition for the emergence and operation of monetary markets.
Property rights to land are one of many cornerstones for the functioning of recent economies. This publication seems first on the old, conceptual, and criminal contexts of estate rights to land. It then considers facets of land transactions, together with the major components affecting the functioning of rural land markets. ultimately, it explores the scope and function of governments and land coverage formation and discusses ways that constructing international locations can determine land coverage frameworks that maximize social gain.
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Additional resources for Land Policies for Growth and Poverty Reduction (World Bank Policy Research Report)
At the same time, land reforms in Latin America, other Asian countries, and more recently South Africa, failed to live up to their objectives and remain incomplete in many respects. A key reason for such limited impact was that reforms were often guided by short-term political objectives, or that implementation responded more to planners’ conceptions than to the needs of beneficiaries, often limiting the reforms’ sustainability and their impact on poverty. Where extreme inequality in land distribution and underutilization of vast tracts of productive land co-exist with deep rural poverty, a case for redistributive measures to increase access to land by the poor can be made, both politically and from an economic perspective.
In cases where valuable urban land owned and managed by the state lies unoccupied, auctioning it off to the highest bidder will be the option of choice, especially if the proceeds can be used to compensate original landowners or to provide land and services to the poor at the urban fringes at much lower cost. xlii EXECUTIVE SUMMARY Land Use Regulation Even though direct management of land through government agencies has rarely been effective, there is a clear role for government to ensure that resources that embody broader social and cultural values and benefits, such as landscapes, biodiversity, historic sites, and cultural values, will not be irreversibly destroyed by myopic individual actions.
Although such laws may have provided advantages to sitting tenants, they are likely to have a negative impact on the ability of the landless to obtain land through the market, as well as on landowners’ incentives to undertake land-related investment. The case for gradual abolition of such restrictions is strengthened by the example of China and Vietnam, where rental markets transfer land to more productive and land-poor producers in a way that is more effective than what was achieved by administrative reallocation.