Property

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Physical property in law, economics, business and for tax purposes is an extension of, or store of, the produce of unconsumed labor. Private property, i.e. non-public or non-governmentally owned property, is a foundation of Anglo-American law, and central to capitalism and free enterprise.

Property is, and the Supreme Court has held, an extension of a person's labor. The value of a person's labor is stored up in property. Much labor is consumed in the process of labor, or disappears in the instant of its production. Property, other than land, is unconsumed labor stored up in value added useful goods, improvements, or vendible commodity. In the normal functioning of the economic system, the worker sells their labor, using the unconsumed produce of other people's labor ("working capital" or what Marxists call "the means of production") for which they are paid in money and relinquish any future claims over the value added produce of their labor.

Property gain can be acquired either through employment or inheritance.

Property rights

Property rights refers to issues surrounding the ownership of property or capital. In Marxist theory, individual property rights are abrogated and theft legalized.[1] This is a violation of fundamental human rights.[2] Murray Rothbard explains there no human rights which are not also property rights:
how can the human right of freedom of the press be pre­served if the government owns all the newsprint and has the power to decide who may use it and how much? The human right of a free press depends on the human right of private property in newsprint and in the other es­sentials for newspaper production.[3]
Elsewhere Rothbard gives another illustration among numerous others:
Freedom of speech is supposed to mean the right of everyone to say whatever he likes. But the neglected question is: Where? Where does a man have this right? He certainly does not have it on property on which he is trespassing. In short, he has this right only either on his own property or on the property of someone who has agreed, as a gift or in a rental contract, to allow him on the premises. In fact, then, there is no such thing as a separate "right to free speech"; there is only a man's property right: the right to do as he wills with his own or to make voluntary agreements with other property owners.[4]

Title

Legal title to property grants the owner certain enforceable rights.

Types of property

"Real property" is land; manufactured goods, buildings, tangible property, intangible property such as intellectual property is the produce of labor that is consumed slowly, or depreciates over time. Unconsumed labor is often referred to as "capital," which then is used to set the economic process in motion and employ more people.

Money as a form of property

Money, a form of property, is a representation of unconsumed labor for exchangeable purposes.

Modern issues

In modern times there is universal condemnation of treating human beings as property, though only abortion and stem cell research implicitly treat human life as though it were property.

Foreign ownership

Thailand

In Thailand, foreigners are not allowed to own land.[5] This law is from long ago, and made because the King then wanted to keep culture how it was. Today, foreigners can own property by getting around law, like creating companies or owning land through a straw-man.

Other types

Property in philosophy or theology is an attribute of something that does not consist of its essence, but follows from its essence.

See also

References

  1. Marxist Law (n.d.). Retrieved March 11, 2019 from https://www.allaboutworldview.org/marxist-law.htm
  2. Article 17 of the Universal Declaration of Human Rights states that ‘everyone has the right to own property alone as well as in association with others [and] no one shall be arbitrarily deprived of his property’.
  3. https://fee.org/articles/human-rights-are-property-rights/
  4. https://mises.org/library/human-rights-property-rights
  5. Foreign nationals in Thailand are allowed to own apartments (units) in an officially registered condominium complex and/or buildings as distinct from its land. Foreigners are not allowed to freehold land but are entitled to a registered leasehold of up to 30 years for all types of titled land. With appropriate extension and purchase options a 30 year lease can become as valuable as freehold purchase. Property in Thailand