Property rights and the rural land market in Latin America

Land distribution in Latin America is characterized by striking inequality. Notwithstanding the emergence of modem structures in some regions, a few huge land holdings are found alongside a large number of small ones. This situation has long been considered undesirable for reasons of social equity as well as for reasons of efficiency. The topic remains high on the political agenda. The ultimately disappointing results of past redistributive reforms have caused contemporary policy-makers to search for alternatives. In recent years attention has focused on the institution of private property rights and land transactions through market mechanisms.