The moral considerations that it marginalizes actually do matter to us. For example, we would not be happy with a Humean convention ratifying slavery or cannibalism, but for all that Hume shows it may well be a feature of the equilibrium emerging from the age of conflict that some people are in possession of others’ bodies. In recent literature, the ‘bundle of rights’ conception has encountered resistance. Some theorists want to insist that property is better conceived, as it is in colloquial usage, as a substantial relation between a person and a thing . This can be put forward on analytic grounds or for ideological reasons; on the latter approach it is said that the importance of property for a free society is obscured when the ownership relation is treated as a divisible bundle of rights .
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- Contemporary political thinkers who believe that natural persons enjoy rights to own property and enter into contracts espouse two views about John Locke.
- Both communism and some forms of socialism have also upheld the notion that private ownership of capital is inherently illegitimate.
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- Some philosophers have suggested that certain concepts should be regarded as ‘essentially contested concepts’ ; if there is anything to this suggestion, private property might be one of them (see Waldron 1988, pp. 51–2).
- For state and local governments, property taxes are necessary to function.
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A hard-line consequentialist may insist that the advantages to those who profit from private ownership outweigh the costs to the underclass. Philosophically, however, this sort of hard line is quite disreputable (Rawls 1971, pp. 22–33; Nozick 1974, pp. 32–3). If we take the individual rather than a notional entity like ‘the social good’ as the focal point of moral justification, then there ought to be something we can say toeach individual why the institution we are defending is worthy of her support. Otherwise it is not at all clear whyshe should be expected to observe its rules . There is a further question whether self-ownership affords a basis for thinking about property in external objects other than my body?
- Personal property is a class of property that can include any type of asset other than real estate.
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The consequentialist case for private property over collective property has more to do with markets than with the need for responsibility and self-restraint in resource use. The argument for markets is that in a complex society there are innumerable decisions to be made about the allocation of particular resources to particular production processes. In actually existing socialist societies, central planning turned out to be a way of ensuring economic paralysis, inefficiency and waste . Some have speculated that there could be markets without private property (Rawls, 1971, p. 273), but this seems hopeless.