This paper is divided into two parts. The first part outlines the fundamental myth about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known variously as ownership of...

Just as the two sides in the Cold War agreed that Western Capitalism and Soviet Communism were 'the' two alternatives, so the two sides in the intellectual Great Debate agreed on a common framing of questions with the defenders of capitalism taking one side and Marxists taking the other side of...