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private property

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private property

legal designation of the ownership of property by non-governmental legal entities

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About private property

Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. As a legal concept, private property is defined and enforced by a country's political system.

Facts from Wikidata (CC0). Image by Morgan from Montreal, Quebec, Canada via Wikimedia Commons (CC BY 2.0).

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