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[[File:Sewell Avery.jpg|right|200px|thumb|When the CEO of the privately held Montgomery Wards company refused to settle a labor dispute, [[President Franklin Roosevelt]] ordered the [[U.S. Army]] to seize the company and remove its CEO.]]
[[File:Sewell Avery.jpg|right|200px|thumb|When the CEO of the privately held Montgomery Wards company refused to settle a labor dispute, [[President Franklin Roosevelt]] ordered the [[U.S. Army]] to seize the company and remove its CEO.]]
'''Private property''' means assets that can be acquired, transferred and controlled by persons rather than [[government]], such as [[land]], [[house]]s, [[goods]], luxury items, income producing assets, etc. 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''' means assets that can be acquired, transferred and controlled by persons rather than [[government]], such as [[land]], [[house]]s, [[goods]], luxury items, income producing assets, etc. It is characterized by an individual or corporate entity with 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 refers only to [[chattel]], i.e. the clothes on your back. Individuals are prohibited by government from acquiring assets to support themselves, their families, or their communities. [[Inflation]], [[taxation]], denial of licenses and permits, requisitioning or seizure are just some of the ways government can use to restrict individuals from acquiring assets.
Private property is one of three major forms of ownership. The other two are [[collective property]] and [[common property]]. In Marxism, private property refers only to [[chattel]], i.e. the clothes on your back. Individuals are prohibited by government from acquiring assets to support themselves, their families, or their communities. [[Inflation]], [[taxation]], denial of licenses and permits, requisitioning or seizure are just some of the ways government can use to restrict individuals from acquiring assets.