Markets, Regulation, and Inevitability: The Case for Property Rights in Outer Space

In 1967, a number of countries—including the United States— entered into the Outer Space Treaty. This treaty established the fundamental rules by which countries are to conduct themselves in outer space. At the time, there was more concern about the possibility of the Cold War, and thus nuclear weaponry, extending into space and very little consideration of commercial activity, which was largely the province of Science Fiction. Today, commercialization of space includes satellites, private companies contracting for government work, space tourism, and the early stages of testing materials for resource extraction.

Interestingly, no international system for the recognition of property rights exists in relation to outer space resources. With the new Artemis space program underway- and its acknowledged intent to lay the groundwork resource extraction- now is the time consider property rights.