Macro-Property and Markets

Abstract This chapter explores macro-property and markets, expanding on earlier sections that focus on micro-property issues, such as transferring individual rights. It highlights systemic concerns in dematerialized and immobilized securities, including disenfranchisement, lack of transparency, legal uncertainty, and the speed of transactions, which leads to a loss of control. The chapter defines the essence of a market, stressing the importance of legal foundations, price generation, and the relationship between supply and demand. It examines specific markets, distinguishing between fungible markets like foreign exchange and non-fungible markets such as housing. Finally, the chapter addresses challenges in market systems, particularly in non-fungible markets, where scarcity and competition distort price efficiency.