Final answer:
Property owners adjacent to navigable waters have riparian or littoral rights, which include access and usage rights. Sweden's laws grant broader public access to nature, while economist Ronald Coase highlighted the necessity of well-defined property rights to address legal and environmental concerns.
Step-by-step explanation:
The rights granted to property owners whose land borders commercially navigable lakes, seas, and oceans are called riparian rights or littoral rights, depending on the body of water in question. These rights typically include the ability to access the water, fish, build docks and piers, and in some instances, rights to the water itself for various uses. Additionally, these rights can include the right to enter into contracts regarding the use of the property. In Sweden, for example, the Basic Laws of Sweden guarantee access to the natural environment, which is even broader than the US right to travel that does not usually include access to private property. Property rights are also a fundamental part of the legal system, allowing recourse when others infringe upon those rights. Renowned economist Ronald Coase emphasized the importance of clearly defining property rights to resolve disputes and manage externalities, such as environmental impacts from economic activities.