File:Week_14_-_Negative_Space_(26051957172).jpg · Wikimedia Commons · See Wikimedia Commons
private property
Sign in to saveAlso known as private property sign, private ownership, privately-owned lands
legal designation of the ownership of property by non-governmental legal entities
Private property is property that is owned and controlled by individuals or non-governmental organizations rather than by the government. It matters because it establishes who has legal rights to use, manage, and benefit from property, forming a foundation for economic activity and personal autonomy in most modern societies.
AI-generated from the Wikipedia summary — may contain errors.
~15 min read
Encyclopedic overview
Private property sign in Nova Scotia, Canada 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 one or more non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. As a legal concept, private property is defined and enforced by a country's political system.
History
Excerpted from Wikipedia’s “private property” article, available under the CC BY-SA 4.0 licence.