Changes

'''Private property''' means assets that can be acquired, transferred and controlled by individuals rather than [[government]], such as [[land]], [[house]]s, [[chattel]]s, and [[goods]]. It is characterized by a single owner with absolute dominion over the [[property]]. When two or more owners have a claim or if the ownership is temporary or limited, it is not private property. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])

'''Private property''' means assets that can be acquired, transferred and controlled by persons rather than [[government]], such as [[land]], [[house]]s, [[chattel]]s, and [[goods]]. It is characterized by an individual or corporate entity with absolute dominion over the [[property]]. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])

Private property is one of three major forms of ownership.  The other two are [[collective property]] and [[common property]].  In Marxism, private property is viewed differently due to its social impact.  This means that for property that is not within the scope of the means of production, it is considered [[Personal property]].

Private property is one of three major forms of ownership.  The other two are [[collective property]] and [[common property]].  In Marxism, private property is viewed differently due to its social impact.  This means that for property that is not within the scope of the means of production, it is considered [[Personal property]].