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Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. [4] As a legal concept, private property is defined and enforced by a country's political system .
Private property access, use, exclusion and management are controlled by the private owner or a group of legal owners. [9] This is sometimes used interchangeably with private good. [17] An example would be a cellphone as it only one person may use it, making it rivalrous, and it has to be purchased, which makes it excludable.
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, meritocracy, work ethic, consumer sovereignty, economic efficiency, decentralized ...
Private ownership of the means of production ("private enterprise") as effective private control and/or legally enforced ownership, with the consequence that investment and management decisions are made by private owners of capital who act autonomously from each other and—because of business secrecy and the constraints of competition—do not ...
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 ...
The protection of private property may come into conflict with economic, social and cultural rights and civil and political rights, such as the right to freedom of expression. To mitigate this, the right to property is commonly limited to protect the public interest. Many states also maintain systems of communal and collective ownership.
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.
In economics and political economy, ... Both socialism and communism distinguish carefully between private ownership of capital (land, factories, resources, etc.) and ...