Jump to navigation Jump to search This article is about abstract and legal rights of property. This article needs additional citations for verification. This article is written like a personal reflection, personal essay, or argumentative essay that states a Wikipedia editor’s personal feelings or presents an original argument about a topic. Property, in the abstract, is what belongs to or with something, whether binary option trader salary an attribute or as a component of said thing.
Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. Property defines property as anything, tangible or intangible whereby a legal relationship between persons and the state enforces a possessory interest or legal title in that thing. This mediating relationship between individual, property and state is called a property regime. In sociology and anthropology, property is often defined as a relationship between two or more individuals and an object, in which at least one of these individuals holds a bundle of rights over the object. The distinction between “collective property” and “private property” is regarded as a confusion since different individuals often hold differing rights over a single object. Often property is defined by the code of the local sovereignty, and protected wholly or more usually partially by such entity, the owner being responsible for any remainder of protection. According to Adam Smith, the expectation of profit from “improving one’s stock of capital” rests on private property rights.
Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all. Classical liberalism subscribes to the labor theory of property. They hold that individuals each own their own life, it follows that one must own the products of that life, and that those products can be traded in free exchange with others. Every man has a property in his own person. This nobody has a right to, but himself.