Private property

Private property is a legal designation for the ownership of property by non-governmental legal entities.[1] Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by a group of non-governmental entities.[2]

Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit.[3] The distinction between private and personal property varies depending on political philosophy, with socialist perspectives making a hard distinction between the two. As a legal concept, private property is defined and enforced by a country's political system.[4]

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