Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and from collective (or cooperative) property, which is owned by a group of non-governmental entities. Private property can be either personal property (consumption goods) or capital goods. Private property is a legal concept defined and enforced by a country's political system.
Ideas about and discussion of private property date back at least as far as Plato. Prior to the 18th century, English speakers generally used the word "property" in reference to land ownership. In England, "property" did not have a legal definition until the 17th century. Private property as commercial property was invented with the great European trading companies of the 17th century.
The issue of the enclosure of agricultural land in England, especially as debated in the 17th and 18th centuries, accompanied efforts in philosophy and political thought—by Thomas Hobbes (1588–1679), James Harrington (1611–1677) and John Locke (1632–1704), for example—to address the phenomenon of property ownership.
In arguing against supporters of absolute monarchy, John Locke conceptualized property as a "natural right" that God had not bestowed exclusively on the monarchy. Influenced by the rise of mercantilism, Locke argued that private property was antecedent to and thus independent of government. Locke distinguished between "common property", by which he meant open-access property; and property in consumer goods and producer-goods, the latter of which referred to land. His chief argument for property in land was improved land management and cultivation over common open-access land. Locke developed a normative theory of property rights based on labor, which stated that property is a natural result of labor improving upon nature; and thus by virtue of labor expenditure, the laborer becomes entitled to its produce.
In the 18th century, during the Industrial Revolution, the moral philosopher and economist Adam Smith (1723–1790), in contrast to Locke, drew a distinction between the "right to property" as an acquired right and natural rights. Smith confined natural rights to "liberty and life". Smith also drew attention to the relationship between employee and employer and identified that property and civil government were dependent upon each other, recognizing that "the state of property must always vary with the form of government". Smith further argued that civil government could not exist without property, as government's main function was to safeguard property ownership.
In the 19th century, the economist and philosopher Karl Marx (1818–1883) provided an influential analysis of the development and history of property formations and their relationship to the technical productive forces of a given period. Marx's conception of private property has proven influential for many subsequent economic theories and for anarchist, communist and socialist political movements, and led to the widespread association of private property with capitalism.
Although contemporary neoclassical economics—currently the dominant school of economics—rejects some of the assumptions of the early philosophers underpinning classical economics, it has been argued that neoclassical economics continues to be influenced by the legacy of natural moral theory and the concept of natural rights, which has led to the presentation of private market exchange and private property rights as "natural rights" inherent in nature.
Economic liberals (defined as those who support a private sector-driven market economy) consider private property to be essential for the construction of a prosperous society. They believe private ownership of land ensures the land will be put to productive use and its value protected by the landowner. If the owners must pay property taxes, this forces the owners to maintain a productive output from the land to keep taxes current. Private property also attaches a monetary value to land, which can be used to trade or as collateral. Private property thus is an important part of capitalization within the economy.
Socialist economists are critical of private property as socialism aims to substitute private property in the means of production for social ownership or public property. Socialists generally argue that private property relations limit the potential of the productive forces in the economy when productive activity becomes a collective activity, where the role of the capitalist becomes redundant (as a passive owner). Socialists generally favor social ownership either to eliminate the class distinctions between owners and workers and as a component of the development of a post-capitalist economic system.
In response to the socialist critique, the Austrian School economist Ludwig Von Mises argued that private property rights are a requisite for what he called "rational" economic calculation and that the prices of goods and services cannot be determined accurately enough to make efficient economic calculation without having clearly defined private-property rights. Mises argued that a socialist system, which by definition would lack private property in the factors of production, would be unable to determine appropriate price valuations for the factors of production. According to Mises, this problem would make rational socialist calculation impossible.
In capitalism, ownership can be viewed as a “bundle of rights" over an asset that entitles its holder to a strong form of authority over it. Such bundle is composed of a set of rights that allows the owner of the asset to control it and decide on its use, claim the value generated by it, exclude others from using it and the right to transfer the ownership (set of rights over the asset) of it to another holder. 
In Marxian economics and socialist politics, there is distinction between "private property" and "personal property". The former is defined as the means of production in reference to private ownership over an economic enterprise based on socialized production and wage labor whereas the latter is defined as consumer goods or goods produced by an individual. Prior to the 18th century, private property usually referred to land ownership.
Private property in the means of production is the central element of capitalism criticized by socialists. In Marxist literature, private property refers to a social relationship in which the property owner takes possession of anything that another person or group produces with that property and capitalism depends on private property. The socialist critique of private ownership is heavily influenced by the Marxian analysis of capitalist property forms as part of its broader critique of alienation and exploitation in capitalism. Although there is considerable disagreement among socialists about the validity of certain aspects of Marxian analysis, the majority of socialists are sympathetic to Marx's views on exploitation and alienation. Socialists critique the private appropriation of property income on the grounds that because such income does not correspond to a return on any productive activity and is generated by the working class, it represents exploitation. The property-owning (capitalist) class lives off passive property income produced by the working population by virtue of their claim to ownership in the form of stock or private equity. This exploitative arrangement is perpetuated due to the structure of capitalist society. From this perspective, capitalism is regarded as class system akin to historical class systems like slavery and feudalism.
Private ownership has also been criticized on non-Marxist ethical grounds by advocates of market socialism. According to the economist James Yunker, the ethical case for market socialism is as follows: because passive property income requires no mental or physical exertion on the part of the recipient and because its appropriation by a small group of private owners is the source of the vast inequalities in contemporary capitalism, social ownership in a market economy would resolve the major cause of social inequality and its accompanying social ills. Weyl and Posner argue that private property is another name for monopoly and can hamper allocative efficiency. Through use of taxation and modified Vickrey auctions, they argue that partial common property ownership is a more efficient and just way to organize the economy.
There are three broad forms of property ownership – private, public, and collective (cooperative).
Private property cannot exist without a political system that defines its existence, its use, and the conditions of its exchange. That is, private property is defined and exists only because of politics.
The defence of private property has been a feature of philosophical, theological and legal discourse from antiquity to the present day. [...] I begin with Plato's thoughts on property in the Republic [...].
Oliver Letwin, a British conservative theorist, observed that the private sector had to be invented. This occurred with the great European trading companies, such as the British and Dutch East India companies, founded in the 17th century. Notions of property before the Renaissance assumed that different actors had different relations to the same property.
[D]ebates [on enclosure] […] laid down many of the basic terms for political debate about private property, and especially property in land.
The derivation of natural moral theory has provided the foundation for the use of economic theory to support specific ideological viewpoints. The main strength of the legitimating role of economic theory is that it allows one set of ideological viewpoints to posture as if their conclusions were unbiased scientific conclusions, while those opposing them were merely expressing their value laden opinions. At its apex, this tendency has justified laissez-faire economic policies as if they were based on natural laws. Always behind the legitimization activities of economists is the belief that markets are ‘natural’ institutions and market outcomes are natural outcomes, and the institutions necessary for markets, such as private property rights, are ‘natural rights’.
Though socialists have disagreed with Marx about how to conceptualize the notion of class, about the dynamics of class societies, and indeed about a whole host of other matters, most socialists seem to be broadly sympathetic to his views about what is wrong with the capitalist (free enterprise) economic system and, by implication, capitalist society ... Marx’s critique attributes basically two systemic evils to capitalism’s economic system: alienation and exploitation.
Property income is, by definition, received by virtue of owning property ... Since such income is not an equivalent return for any productive activity, it amounts to an entitlement to a portion of the aggregate output of others’ productive activity. The workforce produces output, but surrenders part of it to people who have nothing directly to do with production. Arguably, this occurs by virtue of a social system to which those in the workforce have never given their full consent, i.e. that of private property. Alternatively, it occurs by virtue of a structure of power to which the workforce is subject: property income is the fruit of exploitation. The fact that it is essential to capitalism makes the latter a class system akin to such other historical cases as slavery and feudalism.
Arizona Proposition 207, a 2006 ballot initiative officially titled the "Private Property Rights Protection Act", requires the government to reimburse land owners when regulations result in a decrease in the property's value, and also prevents government from exercising eminent domain on behalf of a private party. It was approved by a 64.8% margin. The land use portion of this proposition is similar to Oregon's 2004 Ballot Measure 37,
and the eminent domain portion is similar to initiatives advanced in numerous states following the United States Supreme Court's Kelo v. City of New London decision.Anarcho-capitalism
Anarcho-capitalism is a political philosophy and school of anarchist thought that advocates the elimination of centralized state dictum in favor of self-ownership, private property and free markets. Anarcho-capitalists hold that in the absence of statute (law by arbitrary autocratic decrees, or bureaucratic legislation swayed by transitory political special interest groups), society tends to contractually self-regulate and civilize through the spontaneous and organic discipline of the free market (in what its proponents describe as a "voluntary society").In an anarcho-capitalist society, law enforcement, courts and all other security services would be operated by privately funded competitors selected by consumers rather than centrally through confiscatory taxation. Money, along with all other goods and services, would be privately and competitively provided in an open market. Personal and economic activities under anarcho-capitalism would therefore be regulated by victim-based dispute resolution organizations under tort and contract law, rather than by statute through centrally determined punishment under political monopolies, which tend to become corrupt in proportion to their monopolization.Various theorists have espoused legal philosophies similar to anarcho-capitalism. However, the first person to use the term was Murray Rothbard who, in the mid-20th century, synthesized elements from the Austrian School of economics, classical liberalism and 19th-century American individualist anarchists Lysander Spooner and Benjamin Tucker (while rejecting their labor theory of value and the norms they derived from it). A Rothbardian anarcho-capitalist society would operate under a mutually agreed-upon libertarian "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This pact would recognize self-ownership, property, contracts, and tort law, in keeping with the universal non-aggression principle (NAP).
Anarcho-capitalists are distinguished from minarchists, who advocate a small Jeffersonian night-watchman state limited to protecting individuals and their properties from foreign and domestic aggression; and from other anarchists who seek to prohibit or regulate the accumulation of private property and the flow of capital.Economic liberalism
Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations. It includes a spectrum of different economic policies, such as freedom of movement, but its basis is on strong support for a market economy and private property in the means of production. Although economic liberals can also be supportive of government regulation to a certain degree, they tend to oppose government intervention in the free market when it inhibits free trade and open competition.
Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders, such as socialism and planned economies. It also contrasts with protectionism because of its support for free trade and open markets.
An economy that is managed according to these precepts may be described as a liberal economy.Expropriation
The process of expropriation "occurs when a public agency (for example, the provincial government and its agencies, regional districts, municipalities, school boards, post-secondary institutions and utilities) takes private property for a purpose deemed to be in the public interest". Unlike eminent domain, expropriation may also refer to the taking of private property by a private entity authorized by a government to take property in certain situations.
Due to political risks that are involved when countries engage in international business it is important to understand the expropriation risks and laws within each of the countries that business is conducted in order to understand the risks as an investor in that country.Free association (Marxism and anarchism)
Free association (also called "free association of producers" or, as Marx often called it, a "community of freely associated individuals") is a relationship among individuals where there is no state, social class, authority, or private ownership of means of production. Once private property is abolished, individuals are no longer deprived of access to means of production enabling them to freely associate (without social constraint) to produce and reproduce their own conditions of existence and fulfill their individual and creative needs and desires. The term is used by anarchists and Marxists and is often considered a defining feature of a fully developed communist society.
The concept of free association, however, becomes more clear around the concept of the proletariat. The proletarian is someone who has no property nor any means of production and, therefore, to survive, sells the only thing that they have, their abilities (the labour power), to those owning the means of production. The existence of individuals deprived of property, deprived of livelihood, allows owners (or capitalists) to find in the market an object of consumption that thinks and acts (human abilities), which they use in order to accumulate increasing capital in exchange for the wage that maintains the survival of the proletarians. The relationship between proletarians and owners of the means of production is thereby a forced association in which the proletarian is only free to sell his labor power, in order to survive. By selling his productive capacity in exchange for the wage which ensures survival, the proletarian puts his practical activity under the will of the buyer (the owner), becoming alienated from his/her own actions and products, in a relationship of domination and exploitation. Free association would be the form of society created if private property was abolished in order to allow individuals to freely dispose of the means of production, which would bring about an end to class society, i.e. there would be no more owners neither proletarians, nor state, but only freely associated individuals.
The abolition of private property by a free association of producers is the original goal of the communists and anarchists: it is identified with anarchy and Communism itself. However, the evolution of various trends have led some to virtually abandon the goal or to put it in the background in face of other tasks, while others believe free association should guide all challenges to the status quo.Issues in anarchism
Anarchism is generally defined as the political philosophy which holds the state to be undesirable, unnecessary and harmful, or alternatively as opposing authority and hierarchical organization in the conduct of human relations. Proponents of anarchism, known as anarchists, advocate stateless societies based on non-hierarchical voluntary associations.There are many philosophical differences among anarchists concerning questions of ideology, values and strategy. Ideas about how anarchist societies should work vary considerably, especially with respect to economics. There are also disagreements about how such a society might be brought about—with some anarchists being committed to a strategy of nonviolence, while others advocate armed struggle.Libertarianism
Libertarianism (from Latin: libertas, meaning "freedom") is a collection of political philosophies and movements that uphold liberty as a core principle. Libertarians seek to maximize political freedom and autonomy, emphasizing freedom of choice, voluntary association and individual judgment. Libertarians share a skepticism of authority and state power, but they diverge on the scope of their opposition to existing political and economic systems. Various schools of libertarian thought offer a range of views regarding the legitimate functions of state and private power, often calling for the restriction or dissolution of coercive social institutions.Traditionally, "libertarianism" was a term for a form of left-wing politics. Such left-libertarian ideologies seek to abolish capitalism and private ownership of the means of production, or else to restrict their purview or effects, in favor of common or cooperative ownership and management, viewing private property as a barrier to freedom and liberty. Classical libertarian ideologies include—but are not limited to—anarcho-communism, anarcho-syndicalism, mutualism and egoism, alongside many other anti-paternalist, New Left schools of thought centered around economic egalitarianism. In the United States, modern right-libertarian ideologies, such as minarchism and anarcho-capitalism, co-opted the term in the mid-20th century to instead advocate laissez-faire capitalism and strong private property rights such as in land, infrastructure and natural resources.Personal property
Personal property is generally considered property that is movable, as opposed to real property or real estate. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables – any property that can be moved from one location to another.
Personal property is movable and can be understood in comparison to immovable property or real property, such as land and buildings. Movable property on land, for example, larger livestock, was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word cattle is the Old Norman variant of Old French chatel, chattel (derived from Latin capitalis, “of the head”), which was once synonymous with general movable personal property.Private Property (2006 film)
Private Property (French: Nue Propriété) is a 2006 French-language Belgian film directed by Joachim Lafosse. The film received the André Cavens Award for Best Film by the Belgian Film Critics Association (UCC).Property
Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing. In the context of this article, it is one or more components (rather than attributes), whether physical or incorporeal, of a person's estate; or so belonging to, as in being owned by, a person or jointly a group of people or a legal entity like a corporation or even a society. Depending on the nature of the property, an owner of property has the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it (as a durable, mean or factor, or whatever), or at the very least exclusively keep it.
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with regard to the property be clearly defined and unconditional, so as to distinguish ownership and easement from rent. The parties might expect their wills to be unanimous, or alternately every given one of them, when no opportunity for or possibility of dispute with any other of them exists, may expect his, her, its or their own will to be sufficient and absolute.
The Restatement (First) of Property defines property as anything, tangible or intangible whereby a legal relationship between persons and the state enforces a possessory interest or legal title in that thing. This mediating relationship between individual, property and state is called a property regime.In sociology and anthropology, property is often defined as a relationship between two or more individuals and an object, in which at least one of these individuals holds a bundle of rights over the object. The distinction between "collective property" and "private property" is regarded as a confusion since different individuals often hold differing rights over a single object.Important widely recognized types of property include real property (the combination of land and any improvements to or on the land), personal property (physical possessions belonging to a person), private property (property owned by legal persons, business entities or individual natural persons), public property (state owned or publicly owned and available possessions) and intellectual property (exclusive rights over artistic creations, inventions, etc.), although the last is not always as widely recognized or enforced. An article of property may have physical and incorporeal parts. A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit.Property rights (economics)
Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned. Resources can be owned by (and hence be the property of) individuals, associations or governments. Property rights can be viewed as an attribute of an economic good. This attribute has four broad components and is often referred to as a bundle of rights:
the right to use the good
the right to earn income from the good
the right to transfer the good to others
the right to enforce property rightsIn economics, property is usually considered to be ownership (rights to the proceeds generated by the property) and control over a resource or good. Many economists effectively argue that property rights need to be fixed and need to portray the relationships among other parties in order to be more effective.Public auction
A public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government, or property which is sold under the authority of a court of law or a government agency with similar authority.
When the term "government auction" is used it generally means that specific auctioneers and agents are contracted to deal with stock that needs to be liquidated by various government bodies.Right to property
The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for production rather than consumption.A right to property is recognised in Article 17 of the Universal Declaration of Human Rights, but it is not recognised in the International Covenant on Civil and Political Rights or the International Covenant on Economic, Social and Cultural Rights. The European Convention on Human Rights, in Protocol 1, article 1 acknowledges a right for natural and legal persons to "peaceful enjoyment of his possessions", subject to the "general interest or to secure the payment of taxes".Rohusi
Rohusi is an island and a village in Jõelähtme Parish, Harju County in northern Estonia, located in the Kolga Bay. Since 1999, when a company owned by Tiit Vähi OÜ Merilaine bought it, the island has been a private property.Self-ownership
Self-ownership (also known as sovereignty of the individual or individual sovereignty) is the concept of property in one's own person, expressed as the moral or natural right of a person to have bodily integrity and be the exclusive controller of one's own body and life. Self-ownership is a central idea in several political philosophies that emphasize individualism, such as liberalism and anarchism.Stop and Smell the Roses
Stop and Smell the Roses is the eighth studio album by English rock musician Ringo Starr. Released in October 1981, it followed the twin commercial failures of Ringo the 4th (1977) and Bad Boy (1978). The album includes the hit single "Wrack My Brain", written and produced by George Harrison, but otherwise failed to find commercial success. It also includes contributions from Paul McCartney, Harry Nilsson, Ronnie Wood and Stephen Stills.
The album began life in mid 1980 as Can't Fight Lightning, while Starr was signed to Portrait Records. After the label withdrew its support, the project lay dormant until he signed with the RCA subsidiary Boardwalk Records in 1981. John Lennon had been due to participate in the recording, having offered Starr the songs "Life Begins at 40" and "Nobody Told Me", but he was murdered in New York a month before the sessions were to have taken place. Stop and Smell the Roses was reissued in 1994 with five bonus tracks.Taxicab stand
A taxicab stand (also called taxi rank, cab stand, taxi stand, cab rank, or hack stand) is a queue area on a street or on private property where taxicabs line up to wait for passengers.The Origin of the Family, Private Property and the State
The Origin of the Family, Private Property, and the State: in the Light of the Researches of Lewis H. Morgan (German: Der Ursprung der Familie, des Privateigenthums und des Staats) is an 1884 historical materialist treatise by Friedrich Engels. It is partially based on notes by Karl Marx to Lewis H. Morgan's book Ancient Society (1877). The book is an early anthropological work and is regarded as one of the first major works on family economics.United Centre
United Centre (Ukrainian: Єдиний Центр, translit. Yedynyi Tsentr) is a Ukrainian political party. It is an offspring of Our Ukraine. Legally United Centre is the successor of the Party of Private Property (Ukrainian: Партія приватної власності; Partija Privatnoi Vlasnosti), registered with the Ministry of Justice on September 24, 1999. The party changed its name to United Centre in March 2008.The party won 3 seats in the Ukrainian parliament in the 2012 Ukrainian parliamentary election; but in February 2013 its member Pavlo Baloha was deprived of his deputy seats by the Higher Administrative Court of Ukraine because it had established that the election results in the single-member districts in which he was elected had been "unreliable". In the 2014 parliamentary election the party won no parliamentary seats.