• Tuesday July 14,2020

Private property

We explain to you what private property is and when this legal concept arises. In addition, examples and other forms of ownership.

Real estate and private vehicles are some examples.
  1. What is private property?

Private property is property of any kind (homes, capitals, vehicles, objects, tools, including factories, entire buildings, land or corporations) that can be owned, bought, sold, leased or left as an inheritance by natural and legal persons other than the State, that is, by elements of the private sector of society.

Private property assets are not disposable under any circumstances without the express will of their owner (except in cases of nationalization or nationalization, carried out by the State for the good common), and doing so in any way constitutes a crime punishable by law. The protection of private property is considered by many to be one of the tasks of the forces of public order and of the State.

Simple examples of private property would be: real estate, money in bank accounts, urban land and private vehicles.

See also: Property Law.

  1. Origin of private property

While there have been owners of things since the beginning of time, to the point that in ancient times even slaves were part of the private property of a powerful person, the appearance of This legal concept was constructed on the basis of Roman law, in which a distinction was made between the public domain (the public thing) and the individual (private) interests.

But it would be during the Industrial Revolution and the advent of capitalism that this concept would have enormous importance, especially in the political discourse of the revolutionary left, which understands it as a form of distribution unequal wealth available. Private property is contrary to the fundamentals of communism and socialism, according to which the assets would have to be mostly public or community.

The doctrine of Marxist (communist) thought in fact distinguishes personal property (necessarily personal use, such as housing or personal belongings) and private property (understood as the control by an economic elite of the means of production).

  1. Characteristics of private property

Each owner of a private property can do with it what he wants.

Private property is always subject to the legal specifications of the legal code of each nation, but broadly it has the following characteristics:

  • It undergoes free trade . Anyone can buy or sell private property, as long as said transaction is made as regulated in the civil codes and ordinances that regulate the matter.
  • It is individual . Private property can have only one owner at a time (unless it is a company, which belongs to several shareholders, but each one has a limited number of different shares).
  • It is free . Each owner of a private property can do with it what they want, within the framework of the laws.
  • It is heavily supervised . The capitalist system in general protects private property through laws, agencies and actions that prevent anyone from appropriating others and that provide reparations for those whose private property is violated by third parties.
  • It is perpetual . The manor over private property does not expire over time, and can be transferred in case of death of the owner to his close relatives or to whom he in life decided.

See also: Property right.

  1. Other forms of ownership

While the existence of private property raises the possibility that an individual or a group of them may own (dispose of) the movable or immovable property available in society, other forms of possession arise as an alternative, especially from the leftist sectors of society, committed to the socialization and democratization of goods considered scarce.

These other forms of ownership are:

  • Public or social property. That which belongs to the State and to the institutions that do not have an owner.
  • Community property That which belongs to a community or an organized social cooperative, that is, to many individuals committed not with personal enrichment but with community benefit.
  1. Public property

Public property cannot be disposed of.

Public property is characterized by not belonging to a specific individual, but to the totality of the interests of the citizens of a nation, represented in this case by the State. This is not equivalent to saying that the public is not from anyone, but is really from everyone.

In this sense, public goods cannot be alienated, that is, they cannot become someone's and taken away from the rest of society as a whole (except in cases where the State decides, that is, privatization).

Examples of public ownership are public parks, public roads, state assets and public enterprises (often of basic necessities, such as electricity, water, etc.).

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