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It has been said that property law is antiquated, based on old, sometimes obsolete, norms. The recent book Regulatory Property Rights: The Transforming Notion of Property in Transnational Business Regulation moves beyond any antiquated notions of property to examine how property operates in a modern, highly regulatory (and regulated) society. The project, on its own terms, “aims to detect the function of modern property and the societal changes involved.” To this extent, the book more than succeeds: it flourishes. The book begins in an academic and quite civilian manner in Part I by classifying what it intends to discuss, namely regulatory property. Lest the reader think that “regulatory property” is novel or perhaps even an oxymoron, Christine Godt convincingly argues that regulatory property is actually “normal” property–the term regulatory property identifies property’s role not only as giving individuals dominion over things, but also property’s role in coordinating and empowering individuals’ behavior. Human behavior, particularly that of businesses, knows no manor state-made boundaries, thus Godt asserts that modern property law is about much more than one nation’s attempt to systematically assign uniform rights in a thing to a particular individual; modern property law is and must be more flexible than that. Under Godt’s conception of property, property law allows for different levels of regulation depending upon the thing and the sector in which the thing exists. For example, emission rights, succession rights, and financial instruments all create property rights, but those rights are quite different and transcend national boundaries. While that observation may not be particularly novel, Godt’s primary contribution is to utilize such different property rights to identify broad, functional, descriptive principles of modern

european property law journal

The Intertwined Nature of Property and Regulation. A Book Review of Regulatory Property Rights: The Transforming Notion of Property in Transnational Business Regulation