Resource title

Understanding Opportunity Discovery and Sustainable Advantage : The Role of Transaction Costs and Property Rights

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Resource description

On November 24, 1874, United States Patent No. 157,124 was granted to Joseph Glidden of DeKalb, Ill., for improved barbed wire fencing. Glidden’s patent was the culmination of a series of nine patents for improvements to wire fencing that were granted by the U.S. Patent Offi ce to American inventors, beginning with Michael Kelly in November 1868 and ending with Glidden’s patent (McCallum and McCallum, 1965), which quickly became dominant. To be sure, wire fencing had been used for a very long time. However, property rights over livestock were less secure, as wire fencing would often break under the impact of heavy livestock pressing against the fencing. This would not happen with barbed wire, so the costs at which property rights to livestock could be protected fell dramatically (Dennen, 1976; Anderson and Hill, 2004).

Resource author

Kirsten Foss, Nicolai Foss

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Resource publish date

Resource language

eng

Resource content type

application/pdf

Resource resource URL

http://hdl.handle.net/10398/7448

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