Step 1: Understanding the Concept:
Common Property, or Common Property Resource (CPR), is a term used in social science and economics to describe a type of good consisting of a natural or human-made resource system. It is distinct from private property, public property (state-owned), and open-access resources.
Step 2: Detailed Explanation:
Key characteristics of common property include:
1. Collective Ownership: The resource is owned by an identifiable group of people (a community, a village, etc.), not by an individual or the state.
2. Regulated Access: Unlike open-access resources (where anyone can enter, leading to the "tragedy of the commons"), common property has rules and norms established by the community to govern its use. These rules define who can use the resource, how much they can use, and how it should be maintained.
3. Excludability: The community can exclude outsiders from using the resource.
Examples: Community forests, village ponds, grazing lands (pastures), and traditional irrigation systems are classic examples of common property resources.
Step 3: Final Answer:
Common property is a resource collectively owned and managed by a specific community, which sets rules for its use and can exclude non-members.