“What about regulation? Can you offer an explanation in Propertarian terms?”—

—“What about regulation? Can you offer an explanation in Propertarian terms?”— Jeremie Makell

EXCELLENT QUESTION

Law is discovered, contracts are constructed with terms. Regulations cannot exist unless provided by an insurer of the contract. So as far as I know only Discovered Law, Strictly constructed productive contract, and strictly constructed insurance contract, can exist.

The reason the state ‘got into the regulatory business’ is that the primary function of the state has been as the insurer of last resort.

My position is that the state implicitly insures by the court of law, all insurers within the domain.

And that as the insurer of last resort, rescuing an insurer in the common interest, is accomplished by just another contract.

A contract cannot be made without the ability to ensure restitution and reparation in case of failure.

Under this model there is no agent that can issue regulations except the insurer. And as an insurer these are not ‘regulations’ but simply contract terms.

So regulations cease to exist under propertarianism since only a monopoly can create regulations – and there exist no monopolies other than the monopoly of the one law of natural law of cooperation.