Wild West Theory

533 Words3 Pages
When told the word ‘wild west’, people usually tend to imagine the 19th century’s lawless western frontier in the famous black and white movies. Yet in this article, the west is seen in a different point of view; one fraught with domination, exploitation, and colonization. It focuses upon how the frontier brought with it a sense of order and cooperation, especially when it came to the settlement and determination of property rights. The article describes the settling of the west and the establishment of property rights through viewpoint of the new institutional economic theory. This theory describes how institutions change and so for affect economic activity, including who get to use resources, how, and for what purposes. Institutional economics offers a good planned theory of violence and how conflict over resources such as water, land, and gold, can be replaced by cooperative (non zero-sum) activity. The thesis of this article is not to show how the wild, wild west was not so wild, but instead how freely bargaining individuals could construct order and rights out of…show more content…
This institutional economic view of the west presents readers the facts of a west that is not that disorderly, but disciplined; by capitalism and investors. The morale of this article is that the Hollywood images of the old west are not accurate, well-defined property rights links to wealth and prosperity, and that institutional entrepreneurs are heroes who civilize the world and even provide proper management to natural resources so that they are not
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