Crossing the Infinite Frontier: An Analysis of Property Rights Regime in Corpus Juris Spatialis

The current corpus juris spatialis is vague and riddled with inconsistencies as regards the issue of establishing a concrete regime of property rights on moon and other celestial bodies or parts thereof. Hence, the paper seeks to delve into a thorough analysis and interpretation of the governing regime in the contentious arena, whereby I shall elucidate upon the gaps left and the consequent imparting of a nebulous character. Concerning the Moon Treaty, it introduces the much lauded and maligned concept of the "common heritage of mankind" to the considerations of space property law. Therefore, I would contend that the common heritage principle must be defined in light of the Third LOS Convention. I shall further seek to put forth cogent economic arguments, favouring a regime of private property rights in outer space, evidently reflecting the essential basis of all human behaviour, which has been historically (though non-euphemistically) called the "Tragedy of the Commons." Besides, the international regulatory regime presently does contain some provisions which are invaluable to private exploitation of lunar minerals. Emphasis shall be laid on kinds of moratoria, if any, feared by the developed countries: a legal restriction against mineral exploitation and a de facto restriction which results from the ambiguity of the current treaties. Finally, I shall suggest alternative models of working out an efficient as well as equitable Property Rights Regime in outer space, which would take into account the interests of both the developed and the developing world at the same time. Moreover, a more concrete and consistent legal framework needs to be established so as to promote commercialization that has changed the very approach towards space activities, including prospects of extraterrestrial mining, space tourism and habitation.