By Barry Smith
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Additional resources for The Mystery of Capital and the Construction of Social Reality
Signed documentation is often taken to be indicative of the intentions of whoever signed it. In cases involving real estate transactions, if courts were to allow intentionality to trump documentation (or other behavioral evidence), then such transactions could not be legally enforced. In formal property systems, signed documents form the cornerstone of the real estate transaction for another reason; they are the links in the provenance of properties with respect to ownership. ” Eric Palmer, in chapter 17, “Real Institutions, and Really Legitimate Institutions,” develops a thesis regarding the manner through which social institutions such as property come to be, and a second thesis regarding how these institutions ought to be legitimated.
Mark, Isaac Ehrlich. p. cm. Summary: “A collection of essays by philosophers and social scientists addressing Hernando de Soto’s—The Mystery of Capital—and John R. Searle’s—The Construction of Social Reality—” —Provided by publisher. Includes bibliographical references and index. ISBN 978-0-8126-9933-3 1. Social sciences—Philosophy. 2. Capital. I. Smith, Barry. II. Mark, David M. III. Ehrlich, Isaac. 1—dc22 2008009330 Contents Introduction 1. What I Do, and How Philosophy Has Helped Me Hernando de Soto 2.
The simple procedure of land registration is so much burdened by these connections to make them essentially impractical. The corresponding institutions—especially the banks—are not ready to convert the abstract capital created by the legal institution in real working capital. They are not prepared to grant mortgages because they do not have the experience that their investments are secure. Thus, courts are necessary to enforce legal institutions. Frank’s analysis and simulation of Searle’s socially constructed legal realities demonstrate that they depend on the possibility of enforcement.