private property
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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.
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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.
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