In China, where collectives own farmland but farmers may hold "use rights" to the land, a case can be made for a property rights system with incomplete security of tenure but with strong transfer rights, which permit "specialization without regret"-- so farmers can recoup the value of an...

In China, where collectives own farmland but farmers may hold use rights to the land, a case can be made for a property rights system with incomplete security of tenure but with strong transfer rights, which permit specialization without regret - so farmers can recoup the value of an investment...