Economic Foundations

Without a strong concept of property rights, economic systems would function very differently. Marxists propose to socialize the private ownership over the means of production, but other economists believe that abandoning the concept of property would lead to a form of socialist chaos. The concept has a history, and it is a cornerstone of our current economic system. It was even extended to "intellectual property rights," and so on.

What is property?


The concept of property is not simple, and in a world that becomes more and more fluid, it is harder and harder to define who owns what. The following points are relevant:

Is property a crime?

Market systems could not function if they were not based on a strong definition of property rights. Some philosophers argue that the right to property is a natural right, and the state derives its justification from defending this right (John Locke.) Other argue that the invention of property is the beginning of nothing but trouble, because it leads to inequality and deep alienation (Rousseau.)

The first man who, having fenced in a piece of land, said “This is mine,” and found people naive enough to believe him, that man was the true founder of civil society. From how many crimes, wars, and murders, from how many horrors and misfortunes might not any one have saved mankind, by pulling up the stakes, or filling up the ditch, and crying to his fellows: Beware of listening to this impostor; you are undone if you once forget that the fruits of the earth belong to us all, and the earth itself to nobody.

Jean-Jacques Rousseau, 

Discourse on Inequality


Reading Material: Property and Ownership, Stanford Encyclopedia.