Private property is a legal designation for the ownership of property by non-governmental legal entities.
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17 Facts About Private property
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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.
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Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit.
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The distinction between private and personal property varies depending on political philosophy, with socialist perspectives making a hard distinction between the two.
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In England, "Private property" came to have a legal definition in the 17th century.
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Private property defined as property owned by commercial entities emerged with the great European trading companies of the 17th century.
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Private property is a legal concept defined and enforced by a country's political system.
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The enforcement of property law concerning private property is a matter of public expense.
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Defence of Private property is a common method of justification used by defendants who argue that they should not be held liable for any loss and injury that they have caused because they were acting to protect their Private property.
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Social and political context in which private property is administered will determine the extent to which an owner will be able to exercise rights over the same.
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Economic liberals consider private property to be essential for the construction of a prosperous society.
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Private property thus is an important part of capitalization within the economy.
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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.
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The property-owning 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.
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Private property ownership has been criticized on non-Marxist ethical grounds by advocates of market socialism.
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Weyl and Posner argue that private property is another name for monopoly and can hamper allocative efficiency.
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Justifications for private property rights have been critiqued as tools of empire which enable land appropriation.
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