Prior to C# generics, everyone would code collections for their business objects by creating a collection base that implemented IEnumerable
IE:
publi
As someone else pointed out, it is recommended not to expose List publicly, and FxCop will whinge if you do so. This includes inheriting from List as in:
public MyTypeCollection : List
In most cases public APIs will expose IList (or ICollection or IEnumerable) as appropriate.
In cases where you want your own custom collection, you can keep FxCop quiet by inheriting from Collection instead of List.