Private property
[4] As a legal concept, private property is defined and enforced by a country's political system.
[8] 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.
[10] Influenced by the rise of mercantilism, Locke argued that private property was antecedent to and thus independent of government.
[10] 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.
Private property is a legal concept defined and enforced by a country's political system.
Under a property-tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value.
The 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.
Theft is common in many societies, and the extent to which central administration will pursue property crime varies enormously.
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.
[13] 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.
[14] 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.
The bourgeoisie, the property-owning (capitalist) class, lives off passive property income produced by the proletariat (working population) by their claim to ownership in the form of stock or private equity.
Through the 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.
[23] The justifications for private property rights have also been critiqued as tools of empire that enable land appropriation.
[24] According to academic commentator Brenna Bhandar, the language implemented in property legislation dictates colonized peoples as unable to effectively own and utilize their land.
