A gift economy or gift culture is a system of exchange where valuables are not sold, but rather given without an explicit agreement for immediate or future rewards. Social norms and customs govern giving a gift in a gift culture; although there is some expectation of reciprocity, gifts are not given in an explicit exchange of goods or services for money, or some other good or service. This contrasts with a market economy or bartering, where goods and services are primarily explicitly exchanged for value received.

The nature of gift economies is the subject of a foundational debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I. The Kula trade appeared to be gift-like since Trobrianders would travel great distances over dangerous seas to give what were considered valuable objects without any guarantee of a return. Malinowski's debate with the French anthropologist Marcel Mauss quickly established the complexity of "gift exchange" and introduced a series of technical terms such as reciprocity, inalienable possessions, and presentation to distinguish between the different forms of exchange.

According to anthropologists Maurice Bloch and Jonathan Parry, it is the unsettled relationship between market and non-market exchange that attracts the most attention. Some authors argue that gift economies build community, while markets harm community relationships.

Gift exchange is distinguished from other forms of exchange by a number of principles, such as the form of property rights governing the articles exchanged; whether gifting forms a distinct "sphere of exchange" that can be characterized as an "economic system"; and the character of the social relationship that the gift exchange establishes. Gift ideology in highly commercialized societies differs from the "prestations" typical of non-market societies. Gift economies also differ from related phenomena, such as common property regimes and the exchange of non-commodified labour.

According to anthropologist Jonathan Parry, discussion on the nature of gifts, and of a separate sphere of gift exchange that would constitute an economic system, has been plagued by the ethnocentric use of a modern, western, market society-based conception of the gift applied as if it were a universal across culture and time. However, he argues that anthropologists, through analysis of a variety of cultural and historical forms of exchange, have established that no universal practice exists. Similarly, the idea of a pure gift is "most likely to arise in highly differentiated societies with an advanced division of labour and a significant commercial sector" and need to be distinguished from non-market "prestations". According to Weiner, to speak of a gift economy in a non-market society is to ignore the distinctive features of their exchange relationships, as the early classic debate between Bronislaw Malinowski and Marcel Mauss demonstrated. Gift exchange is frequently "embedded" in political, kin, or religious institutions, and therefore does not constitute an economic system per se.

Gift-giving is a form of transfer of property rights over particular objects. The nature of those property rights varies from society to society, from culture to culture. They are not universal. The nature of gift-giving is thus altered by the type of property regime in place.

Property is not a thing, but a relationship amongst people about things. It is a social relationship that governs the conduct of people with respect to the use and disposition of things. Anthropologists analyze these relationships in terms of a variety of actors' (individual or corporate) bundle of rights over objects. An example is the current debates around intellectual property rights. Take a purchased book over which the author retains a copyright. Although the book is a commodity, bought and sold, it has not been completely alienated from its creator, who maintains a hold over it; the owner of the book is limited in what he can do with the book by the rights of the creator. Weiner has argued that the ability to give while retaining a right to the gift/commodity is a critical feature of the gifting cultures described by Malinowski and Mauss, and explains, for example, why some gifts such as Kula valuables return to their original owners after an incredible journey around the Trobriand islands. The gifts given in Kula exchange still remain, in some respects, the property of the giver.

In the example used above, copyright is one of those bundled rights that regulate the use and disposition of a book. Gift-giving in many societies is complicated because private property owned by an individual may be quite limited in scope (see § The commons below). Productive resources, such as land, may be held by members of a corporate group (such as a lineage), but only some members of that group may have use rights. When many people hold rights over the same objects, gifting has very different implications than the gifting of private property; only some of the rights in that object may be transferred, leaving that object still tied to its corporate owners. As such, these types of objects are inalienable possessions, simultaneously kept while given.