What is Truly Yours: Private Property and How It Effects Individuals

1001 Words 5 Pages
One of the most fundamental requirements of a capitalist economic system—and one of the most misunderstood concepts—is a strong system of property rights. A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals. Private property rights, of course, make for the institution of commerce. If people trade goods and services, if they sell them, if they produce them, if they hoard them, if they save them, then they have to have some level of jurisdiction over them. (Encyclopedia of Philosophy) For example, the owner of an apartment with complete property rights to the apartment has the right to determine whether to rent it out and, if so, which tenant to rent …show more content…
(institute for justice) In addition these rights do not always imply full ownership for the owner to act however he chooses. Nonetheless the rights should have a sufficient duration for individuals to reap the rewards and should be backed by an effective, socially sanctioned enforcement institution. In the Broczynk case, they relied on the government to either protect their property rights or give them compensation. In theory, property rights shape how people use natural resources, and how these patterns of behavior affect people’s agricultural system production. (Meinzen-Dick, 3) Property rights instituted by the government allow individuals to make a profit on their property; however, these rights are not guaranteed, and people must be mindful of the future when making decisions. Ownership of private property has always been regarded as a struggle between moral rights of ownership versus property rights created by the government. In order to completely understand the effects of private property on individual actions, one must consider both philosophical argument and the governmental aspect of owning property. According to moral theory, an individual has an inherent right to own property and utilize that property as he chooses. With that said, one can argue it requires a morally stable state to enable the individuals to utilize their property freely.

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