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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 one or more non-governmental entities . [ 2 ]
Private ownership of productive assets differs from state ownership or collective ownership (as in worker-owned companies). This usage is often found in former Eastern Bloc countries to differentiate from former state-owned enterprises , [ citation needed ] but it may be used anywhere in contrast to a state-owned or a collectively owned company.
It turns out that it depends on the particular situation whether private ownership or public ownership is desirable. The Hart-Shleifer-Vishny model has been further developed in various directions, e.g. to allow for mixed public-private ownership and endogenous assignments of the investment tasks. [75]
This is an accepted version of this page This is the latest accepted revision, reviewed on 12 February 2025. Economic system based on private ownership This article is about an economic system. For other uses, see Capitalism (disambiguation). "Capitalist" redirects here. For other uses, see Capitalist (disambiguation). Part of a series on Capitalism Concepts Austerity Business Business cycle ...
This argument centers on the idea that private ownership of capital always benefits one class over another, giving rise to domination through this privately owned capital. Communists do not oppose personal property that is "hard-won, self-acquired, self-earned" (as " The Communist Manifesto " puts it) by members of the proletariat .
Ownership of the means of production and control over the surplus product generated by their operation is the fundamental factor in delineating different modes of production. Capitalism is defined as private ownership and control over the means of production, where the surplus product becomes a source of unearned income for its owners. Under ...
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.The defining characteristics of capitalism include private property, capital accumulation, competitive markets, price systems, recognition of property rights, self-interest, economic freedom, work ethic, consumer sovereignty, decentralized decision-making, profit motive, a ...
Privatization is the process of transferring ownership of a business, enterprise, agency, charity or public service from the public sector (the state or government) or common use to the private sector (businesses that operate for a private profit) or to private non-profit organizations.