Editing Arthashastra (section)

===Views on property and markets===
Thomas Trautmann states that the ''Arthashastra'' in chapter 3.9 recognizes the concept of land ownership rights and other private property, and requires the king to protect that right from seizure or abuse.<ref name=trautmann121/> There is no question, according to Trautmann, that people had the power to buy and sell land. However, Trautmann adds, this does not mean that Kautilya was advocating a capitalistic free market economy. Kautilya requires that the land sale be staggered and grants certain buyers automatic "[[Call option|call rights]]".<ref name=trautmann121/> The Arthashastra states that if someone wants to sell land, the owner's kins, neighbors and creditors have first right of purchase in that order, and only if they do not wish to buy the land for a fair competitive price, others and strangers can bid to buy.<ref name=trautmann121/> Further, the price must be announced in front of witnesses, recorded and taxes paid, for the buy-sale arrangement to deemed recognized by the state. The "call rights" and staggered bid buying is not truly a free market, as Trautmann points out.<ref name= trautmann121>Thomas Trautmann (2012), Arthashastra: The Science of Wealth, Penguin, {{ISBN|978-0670085279}}, pages 121-127</ref>

The text dedicates Book 3 and 4 to economic laws and a court system to oversee and resolve economic, contracts and market-related disputes.<ref name=trautmann134>Thomas Trautmann (2012), Arthashastra: The Science of Wealth, Penguin, {{ISBN|978-0670085279}}, pages 134-138</ref> The text also provides a system of appeal in which three ''dharmastha'' (judges) consider contractual disputes between two parties, and considers profiteering and false claims to dupe customers a crime.<ref name=trautmann134/> The text, states Trautmann, thus anticipates market exchange and provides a framework for its functioning.<ref name=trautmann134/>