¹ See, e.g., American Bar Association, Model Business Corporation Act sec. 7.21 (2010) (“[U]nless the articles of incorporation provide otherwise, each outstanding share, regardless of class, is entitled to one vote on each matter voted on at a shareholders’ meeting”).

² Brenner, Elsa, “Everything You Need, in One Giant Package,” New York Times, April 6, 2008, at http://www.nytimes.com/2008/04/06/realestate/06live.html?pagewanted=all&_r=0 (visited October 14, 2012).Google Scholar

³ Highlands Ranch Community Association, “Home Owner Overview,” http://hrcaonline.org/HomeOwners/HomeOwnerOverview.aspx (describing it as “the largest homeowners association in the United States”) (visited October 14, 2013); Highlands Ranch Community Association, “HRCA Overview,” http://hrcaonline.org/HRCAInfo/Overview.aspx (claiming to have 93,471 residents, 30,200 homes, and 3,356 apartments) (visited October 14, 2013).

⁴ See infra sec. VI.B.

⁵ Difficult, but not impossible. For a proposal to effectively privatize governance of part of Detroit, see Rodney Lockwood, Belle Isle: Detroit’s Game Changer (Raleigh, NC: lulu.com, 2013).

⁶ For more on the Honduran reforms, see Bell, Tom W., “No Exit: Are Honduran Free Cities DOA?” The Freeman, November 26, 2012, at http://www.fee.org/the_freeman/detail/no-exit-are-honduran-free-cities-doa (describing the failure of the first effort) (visited October 14, 2013)Google Scholar; Bell, Tom W., “Startup City Redux Honduras: from RED to ZEDE to … Freedom?” The Freeman, June 27, 2013, at http://www.fee.org/the_freeman/detail/startup-city-redux (describing the success of the second) (visited October 14, 2013).Google Scholar

⁷ Fischel, William A., The Homeowner Hypothesis: How Home Values Influence Local Government Taxation, School Finance, and Land-Use Policies (Cambridge, MA: Harvard University Press 2001)Google Scholar, 23: (“City governance is more like that of business corporations than it is like state government”).

⁸ Boudreaux, Donald J. and Holcombe, Randall G., “Contractual Governments in Theory and Practice,” in Beito, David T., Gordon, Peter, and Tabarrok, Alexander, eds., The Voluntary City (Denver, CO: Independence Institute, 2002)Google Scholar, 289–302, at 294 (offering examples of large private communities).

⁹ Their counterparts, in the case of those private tax-exempt entities, are called “members.” Not holding fractional shares of the entity these members, like residents of a city, vote on a one-person-per-vote basis in matters of corporate governance.

¹⁰ See, e.g., Fischel, The Homeowner Hypothesis, 30 (describing homeowners as akin to “the primary shareholders of municipal corporations”).

¹¹ See, Black's Law Dictionary, 6th ed. (St. Paul, MN: West Publishing, 1990), 1216 (defining "property" as: "In the strict legal sense, an aggregate of rights which are guaranteed and protected by government").

¹² See, Merrill, Thomas W., “Property and the Right to Exclude,” Nebraska Law Review 77 (1998): 730–55Google Scholar at 731 (“[T]he right to exclude others is a necessary and sufficient condition of identifying the existence of property”).

¹³ 444 U.S. 164, 176 (1979).

¹⁴ 527 U.S. 627, 673 (1999).

¹⁵ See, Mossoff, Adam, “What Is Property? Putting the Pieces Back Together,” Arizona Law Review 45 (2003):371–443Google Scholar at 390–403 (arguing for a theory of property that does not emphasize exclusion rights over use rights).

¹⁶ See, Restatement (3rd) of Property: Servitudes (Philadelphia, PA: American Law Institute, 2000), secs. 3.4, 3.5 (documenting the common law’s traditional repugnance for unreasonable restraints on alienation of property, whether direct or indirect).

¹⁷ For a fuller explanation of these attributes of property, as well as an explanation of why they do not apply to copyright, see Bell, Tom W., Intellectual Privilege: Copyright, Common Law, and the Common Good (Arlington, VA: Mercatus Center, 2013), chap. 5.Google Scholar

¹⁸ Hardin, Garrett, “The Tragedy of the Commons,” Science 162, December 13 (1968): 1243–48, http://www.sciencemag.org/content/162/3859/1243.full (visited October 14, 2013).Google ScholarPubMed

¹⁹ Jena McGregor, “What killed Detroit? Let’s not forget the ‘who’,”Washington Post , July 19, 2013, http://www.washingtonpost.com/blogs/on-leadership/wp/2013/07/19/what-killed-detroit-lets-not-forget-the-who/ (visited October 14, 2013) (describing how political mismanagement resulted in waste of Detroit’s assets).

²⁰ See, e.g., Winchester, Simon, A Crack in the Edge of the World (New York: Harper Collins, 2006), 223–29Google Scholar (describing how rampant corruption in San Francisco’s government made the city especially vulnerable to the Great Quake of 1906).

²¹ Richard D. Freer and Doulgas K. Moll, “Principles of Business Organizations” (St. Paul, MN: West Publishing, 2013), 313: (“In all states, there can be as few as one” shareholder of a close corporation).

²² The Indian conglomerate, Reliance Industries Limited, by some accounts the most widely held corporation in the world, has approximately three million shareholders. Wikipedia, “Reliance Industries,” http://en.wikipedia.org/wiki/Reliance_Industries (visited January 31, 2014).

²³ Dennis Hynes, J. and Loewenstein, Mark J., Agency, Partnership, and the LLC: The Law of Unicorporated Business Enterprises, abridged 7th ed. (Newark, NJ: LexisNexis, 2008), 4 (explaining that other states also recognize the entity).Google Scholar

²⁴ See, e.g., Del. Code Ann. Tit 12 secs. 3801–3862 (2006); Uniform Law Commission, Uniform Statutory Trust Entity Act (2009) (offering a uniform statute governing the use of statutory trusts as a mode of business organization), http://uniformlaws.org/Act.aspx?title=Statutory%20Trust%20Entity%20Act (visited October 9, 2013).

²⁵ Hynes and Loewenstein,Agency, Partnership, and the LLC, 5.

²⁶ American Bar Association, Model Business Corporation Act (2010). The MBCA has been adopted by twenty-four U.S. states.

²⁷ Accuracy demands that anyone speaking of the owners of a limited partnership include the modifier, as such entities also include general partners. Because all their partners enjoy the same legal protections, in contrast, limited liability partnerships and limited liability limited partnerships do not need to qualify their owners as “limited” partners. See, e.g., State of Missouri, “Missouri Business Portal, Frequently Asked Questions: Partnerships” (2007): http://www.business.mo.gov/faq.asp?je=0&s=4& (visited October 14. 2013) (describing various partnership-based entities).

²⁸ Ibid., “Corporations,” http://www.business.mo.gov/faq.asp?je=0&s=3& (describing various corporation-based entities).

²⁹ Wikipedia, “Cooperatives,” https://en.wikipedia.org/wiki/Cooperative (visited September 25, 2013).

³⁰ That is the predominant form of cooperative residential corporation (ibid.), but not the only one; those run on the Rochdale Principles stick to the one-person/one-vote pattern more common in polities. Wikipedia, “Rochdale Principles,” https://en.wikipedia.org/wiki/Rochdale_Principles” (visited September 25, 2013).

³¹ See Barzel, Yoram and Sass, Tim R., “The Allocation of Resources by Voting,” Quarterly Journal of Economics 10, no. 5 (1990): 745–71 (describing governance structures used by condominium associations).CrossRefGoogle Scholar

³² Brenner, Elsa, “Everything You Need, in One Giant Package,” New York Times, April 6, 2008, http://www.nytimes.com/2008/04/06/realestate/06live.html?pagewanted=all&_r=0 (visited October 14, 2012).Google Scholar

³³ Ibid. “Of the complex’s 55,000 current residents, more than 8,300 are over 60 years of age. About 55 percent are black, 25 percent Hispanic and 20 percent white, census figures show.”

³⁴ Declaration of Independence, para. 2, 1 Stat. 2 (1776).

³⁵ See, e.g., U.S. Constitution, Amendments I–IX; XIV.

³⁶ Resnick, Brian, “Nelson Mandela’s First Television Interview,” National Journal, June 26, 2013, http://www.nationaljournal.com/politics/nelson-mandela-s-first-television-interview-20130626 (visited October 14, 2013) (quoting interview).Google Scholar

³⁷ Office of Senator Barbara A. Boxer, Press Release: Sens. Clinton, Boxer, Rep. Jones, Others Unveil Major Election Reform Bill, February 18, 2005.

³⁸ U.S. Constitution, Article I, sec. 2 cl.1.

³⁹ Ibid., cl. 2.

⁴⁰ Ibid., Amend XIV, sec. 1.

⁴¹ 376 U.S. 1 (1964).

⁴² 376 U.S. 1, 8 (1964).

⁴³ 377 U.S. 533 (1964).

⁴⁴ 489 U.S. 688 (1989).

⁴⁵ U.S. Constitution, Amendment XVII.

⁴⁶ See Stahl, Kenneth A., “Neighborhood Empowerment and the Future of the City,” University of Pennsylvania Law Review 161 (2013): 939–1008, at 963 (contrasting the two kinds of districts).Google Scholar

⁴⁷ 410 U.S. 719 (1973).

⁴⁸ 451 U.S. 355 (1981).

⁴⁹ 410 U.S. at 725.

⁵⁰ 451 U.S. at 359.

⁵¹ Salyer, 410 U.S. at 728; Ball, 451 U.S. at 370. See also Southern California Rapid Transit District v. Bolen, 822 P.2d 875, 877 (Cal. 1992) (holding constitutional a special purpose district formed for the purpose of building a rapid transit system and empowered to allocate voting rights based on the amount of land owned within a district).

⁵² 158 F.3d 92 (2nd Cir. 1998).

⁵³ Ibid., 97.

⁵⁴ Ibid., 108.

⁵⁵ Wikipedia, “Business improvement district,” http://en.wikipedia.org/wiki/Business_improvement_district (visited October 14, 2013).

⁵⁶ Fischel attributes this historical change, which happened in the mid-1800s, to growth in diversification options and share liquidity, which mitigated the concerns of minority shareholders in business corporations that they would suffer oppression by majority shareholders. Fischel, The Homeowner Hypothesis, 34–35.

⁵⁷ Barzel and Sass, “The Allocation of Resources by Voting.”

⁵⁸ For an analagous explanation of how evolutionary pressures shape social morality, see Gerald Gaus, “The Egalitarian Species,” in the present volume.

⁵⁹ This approach does not, however, aim to directly promote equality of status or other outcomes; it allows for the presence of inequalities, so long as they do not arise from violations of rights. Why not? See, Nozick, Robert, Anarchy, State, and Utopia (New York: Basic Books, 1974), 160–64 (explaining how liberty upsets patterns).Google Scholar

⁶⁰ The principle of declining marginal utility, by the lights of which a poor man suffers more from loss of one dollar than a rich man does, offers a counterargument to treating property rights as distinct from and inferior to personal rights, which are susceptible to exactly the same analysis. Someone who speaks a great deal in theory suffers less from censorship than a relatively laconic person, for instance. In other words, the principle of declining marginal utility gives no reason to treat property rights differently from personal rights.

⁶¹ See supra, sections IV.A–IV.B.

⁶² See, Illig, Robert C., “Minority Investor Protections as Default Norms: Using Price to Illuminate the Deal in Close Corporations,” American University Law Review 56 (2006) 275–366, at 296–305(describing the operation of the oppression and appraisal causes of action).Google Scholar

⁶³ For a rare, idiosyncratic, and perhaps the sole, exception, see State ex rel. Leavell v. Nelson, 387 P.2d 82, 99 A.L.R.2d 231 (Wash. 1963), where the court interpreted local law, drafted with agricultural cooperatives rather than residential cooperatives in mind, to limit stockholder members to one vote each in the election of corporate trustees, regardless of the number of shares owned.

⁶⁴ Freer and Moll, “Principles of Business Organizations,” 386.

⁶⁵ Oxford Dictionary of Quotations, 6th edition, ed. Knowles, Elizabeth (Oxford: Oxford University Press, 2004), 221.Google Scholar

⁶⁶ Hayek, Friedrich A., The Constitution of Liberty (Chicago, IL: University of Chicago Press, 1960), 306–23Google Scholar; Aristotle, , “Politics, Books V and VI,” in Barnes, Jonathan, ed., Vol. II, The Complete Works of Aristotle, trans. Jowett, B. (Princeton: Princeton University Press, 1984), 2066–2100.Google Scholar

⁶⁷ See Bell, Tom W., “Can We Correct Democracy?” The Freeman, June 4, 2013, at http://www.fee.org/the_freeman/detail/can-we-correct-democracy (visited October 14, 2013).Google Scholar

⁶⁸ Supra, sec. II.

⁶⁹ Romer, Paul, Why the world needs charter cities (TED, July 2009), at http://www.ted.com/talks/paul_romer.html (visited October 14, 2013) (calling for developing countries to import governing methods from exemplars overseas).Google Scholar

⁷⁰ The Seasteading Institute, “About,” http://www.seasteading.org/about/ (visited October 14, 2013).

⁷¹ McKenzie, Hamish, “Marc Andreessen: ‘The world is going to see an explosion of countries in the years ahead,’” Pandodaily, October 3, 2013, at http://pandodaily.com/2013/10/03/marc-andreessen-the-world-is-going-to-see-an-explosion-of-countries-in-the-years-ahead/ (visited October 14. 2013).Google Scholar

⁷² Khanna, Parag, “The End of the Nation-State?” New York Times, October 12, 2013, at http://www.nytimes.com/2013/10/13/opinion/sunday/the-end-of-the-nation-state.html (visited October 14, 2013).Google Scholar

⁷³ Ibid.

⁷⁴ See, Startup Cities Institute, “About Us,” http://startupcities.org/?page_id=74 (visited October 14, 2013).

⁷⁵ See Doherty, Brian, “The Blank Slate State,” Reason, June 2013, at http://reason.com/archives/2013/05/13/the-blank-slate-state (visited October 14, 2013) (offering context and commentary on the Honduran situation).Google Scholar

⁷⁶ Decreto No. 120–2013,12 June 2013, Ley Orgánica de las Zonas de Empleo y Desarrollo Económico (ZEDE), La Gaceta, Diario Oficial, num. 33,222, p. 57, 6 September 2013 (Hond.).

⁷⁷ Ibid., art. 12(2), (3).

⁷⁸ Ibid., art. 14.

⁷⁹ Ibid., art. 9 (requiring equal rights and freedom from discrimination with the ZEDE), art. 10 (guaranteeing protection of constitutional and human rights), art. 16 (establishing special courts to enforce human rights), art. 33 (requiring freedom of conscience, religion, labor protection, and freedom of association within the ZEDE), art. 35 (protecting labor rights), art. 41 (requiring criminal sanctions against human trafficking, genocide, terrorism, child pornography, child exploitation and organized crime), and art. 43 (protecting the property rights of indigenous peoples and special communities of descendents of escaped slaves).

⁸⁰ Ibid. art. 25–27, 38–39.