‘Private vs public property’ Anastasia Kuzmina

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Microeconomics

Essay

‘Private vs public property’

Anastasia Kuzmina

5104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan.

  1. What is private property and what is public property……………….………………………………………………………………………… 3
  2. History of private property.………………………………………………………………………………………….4
  3. A comparative analysis…………………………………………………………………………………………….5
  4. Conclusion…….………………………………………………………………………………….6
  5. Sources……………………………………………………………………………………………..6

 

 

 

 

 

 

 

 

 

 

 

 

 

What is private property?

Private property is the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and collective property, which is owned by a group of non-governmental entities. Private property is further distinguished from personal property, which refers to property for personal use and consumption.

Categorization of collective property can be indeterminable, such as in a not-for-profit private university; or determinable, such as in the case of a legal partnership.

According to Business Dictionary private property is a tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, such as land, buildings, money, copyrights, patents, etc. Private property can be transferred only with its owner's consent, and by due process such as sale or gift.

In the United States, where we have always benefited from private property and free enterprise, our biggest threat to continued prosperity lies in the slow erosion of the respect for private property by government through taxation and regulation. Thus, one of the most important roles that economists can play as scholars and teachers is to articulate clearly the significance of private property for economic development and social cooperation. If we don't, we will have failed in our scientific responsibility to convey the basic teachings of our discipline and the lessons learned from human history.

The economic concept of private property refers to the rights owners have to the exclusive use and disposal of a physical object. Property is not a table, a chair, or an acre of land. It is the bundle of rights which the owner is entitled to employ those objects. The alternative (collectivist) view is that private property consists merely of a legal deed to an object with the use and disposal of the object subject to the whims and mercies of the state. Under this latter view, the state retains ownership and may at any time regulate or even repossess the property it temporarily cedes to individuals. 

What is public property?

 

Public property is property and real estate that is owned by a government, generally a government chosen by the people. The concept is that the government is made up of the people, and that therefore the people own the property that is entrusted to the government for care. This does not necessarily mean that the property is available for public use or access, however — it simply recognizes that the property was bought and likely maintained with taxpayer dollars

There are many cases where public property is available for use by the general public. A couple of prime examples are libraries and parks, in which the property owned by the library in the form of books, audio equipment, and visuals can often be used by the public and many times be borrowed for a certain period of time. Parks are another form that serves a public purpose by enhancing the quality of life for area residents and visitors.

Those in charge of these properties often must answer to a governing board, such as a city council, county commission, or state board. These governing bodies may be elected or appointed, depending on the situation. Their main job or priority is simply to make sure the property is being maintained for its original use, and that it is open to the public on an acceptable schedule. In other words, they are supposed to look out for the public's interests.

History.

Private property.

The antithesis between lack of property and property, so long as it is not comprehended as the antithesis of labour and capital, still remains an indifferent antithesis, not grasped in its active connection, in its internal relation, not yet grasped as a contradiction. It can find expression in this first form even without the advanced development of private property (as in ancient Rome, Turkey, etc.). It does not yet appear as having been established by private property itself. But labour, the subjective essence of private property as exclusion of property, and capital, objective labour as exclusion of labour, constitute private property as its developed state of contradiction – hence a dynamic relationship driving towards resolution.

The transcendence of self-estrangement follows the same course as self-estrangement. Private property is first considered only in its objective aspect – but nevertheless with labour as its essence. Its form of existence is therefore capital, which is to be annulled “as such” (Proudhon). Or a particular form of labour – labour levelled down, fragmented, and therefore unfree – is conceived as the source of private property’s perniciousness and of its existence in estrangement from men. For instance, Fourier, who, like the Physiocrats, also conceives agricultural labour to be at least the exemplary type, whereas Saint-Simon declares in contrast that industrial labour as such is the essence, and accordingly aspires to the exclusive rule of the industrialists and the improvement of the workers’ condition. Finally, communism is the positive expression of annulled private property – at first as universal private property.

A comparative analysis.

Here is a brief description of public property and private property.

Public property:

Public property is that property which is owned by a government.  Property controlled by a community is also referred to as public property.  Public property belongs to the people as a whole.  Generally roads, railways, courthouses, public libraries, city halls, national monuments, national parks and reservoirs are owned by the state and are considered as public property. 

Private property:

Any property which is not public property is known as private property.  Private property is either owned by an individual or jointly owned by a group of individuals.  Use of private property for production of goods and services increased after industrial revolution.  Free market economy considers private property to be essential for a prosperous country.  However, for that to happen, owners of private properties should use them for generating quality goods and services.  Then the entire nation will benefit and the Government will get revenue in the form of taxes. 

Owners of private properties all over the world have made tremendous contributions to their respective countries.  Unfortunately, private property owners have also encouraged political corruption, by influencing government policies for personal benefit.  Private properties are found in abundance in free market economies like the United States America.  Socialist countries do not encourage private ownership of property.  They argue that the cost of defending private property is higher than the returns from private property ownership. They also argue that private property owners are not committed to the country. People supporting socialism are of the opinion that private ownership of property benefits one section of society.  Capitalists argue that private ownership encourages entrepreneurship in the country.  It provides equal opportunity for all citizens to generate wealth. 

Irrespective of whether a property is pubic or private, it should ensure maximum benefit for the majority of the people.  Then the country benefits as a whole.

Conclusion.

In the sense of ownership of real property in fee:

Public property is state, federal or community owned property that is not restricted to any one individual's use or possession. Think of parks, schools, athletic fields, bike paths, playgrounds, city squares, public libraries & museums, municipal parking garages, courthouses, city halls, etc.

Private property is protected from public appropriation. The owner has exclusive control and absolute rights in the property. They may convey it or leave it to their heirs. Private property is all property that is not public and can be owned by trusts, individuals, corporations, railroads, private hospitals, churches, non-profit corporations, etc.

In another sense:

Property used by the public although privately owned is subject to regulations and laws promulgated to protect public health. This category includes restaurants, stores, indoor athletic facilities, convenience stores, shopping malls, gas stations, private nursing homes, hotels, etc. Smoking bans are a good example of the government's control over private property that is used by the public.

Sources.

Times News

http://www.marxists.org/archive/marx/works/1844/manuscripts/comm.htm

http://en.wikipedia.org/

http://www.helium.com/items/2111413-understanding-the-difference-between-private-and-public-property

 


Описание работы
Private property is the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and collective property, which is owned by a group of non-governmental entities. Private property is further distinguished from personal property, which refers to property for personal use and consumption.
Categorization of collective property can be indeterminable, such as in a not-for-profit private university; or determinable, such as in the case of a legal partnership.
Содержание
What is private property and what is public property……………….………………………………………………………………………… 3
History of private property.………………………………………………………………………………………….4
A comparative analysis…………………………………………………………………………………………….5
Conclusion…….………………………………………………………………………………….6
Sources……………………………………………………………………………………………..6