Private Property: Foundations of Free Enterprise
Private Property: Foundations of Free Enterprise The Foundations of Free Enterprise by Allen, Armstrong, and Wolken Private Property Generally, when we think of “property” we think of land or real estate. But its meaning is much broader. Property refers to all kinds of personal possessions. Our pets, our garden vegetables, our clothing, our books, our cars, our money, our radios, our watches — all are forms of property. Bank balances, stocks, bonds, and other financial assets are also property. In addition, property includes all of the natural resources of the earth (minerals, timber, rivers, etc.), tools, machinery, factories, school buildings, court houses, streets, and all the merchandise in the stores. Even our own skills and talents, our ability to produce and perform services, represent a kind of property. In other words, our property represents what we call wealth. In a pure free enterprise system, all property is owned by private citizens and businesses. None is ow