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Ownership is the state or fact of legal possession and control over
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, re ...
, which may be any asset,
tangible Tangibility is the property of being able to be perceived, especially by the sense of touch. Metaphorically, something can also be said to be "cognitively tangible" if one can easily understand it. Law In criminal law, one of the elements of ...
or intangible. Ownership can involve multiple rights, collectively referred to as ''
title A title is one or more words used before or after a person's name, in certain contexts. It may signify their generation, official position, military rank, professional or academic qualification, or nobility. In some languages, titles may be ins ...
'', which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can
purchase Purchasing is the procurement process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary g ...
it with
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: m ...
, trade it for other property, win it in a bet, receive it as a
gift A gift or present is an item given to someone (who is not already the owner) without the expectation of payment or anything in return. Although gift-giving might involve an expectation of reciprocity, a gift is intended to be free. In many cou ...
, inherit it, find it, receive it as
damages At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognized at ...
, earn it by doing work or performing services, make it, or homestead it. One can transfer or lose ownership of property by
selling Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred ...
it for
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: m ...
, exchanging it for other property, giving it as a gift, misplacing it, or having it stripped from one's ownership through legal means such as
eviction Eviction is the removal of a Tenement (law), tenant from leasehold estate, rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosure, foreclosed by a mortgagee (often ...
,
foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), coll ...
,
seizure A seizure is a sudden, brief disruption of brain activity caused by abnormal, excessive, or synchronous neuronal firing. Depending on the regions of the brain involved, seizures can lead to changes in movement, sensation, behavior, awareness, o ...
, or taking. Ownership implies that the owner of a property also owns any
economic An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is ...
benefits or deficits associated with the property.


History

Over the
millennia A millennium () is a period of one thousand years, one hundred decades, or ten centuries, sometimes called a kiloannum (ka), or kiloyear (ky). Normally, the word is used specifically for periods of a thousand years that begin at the starting p ...
and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: m ...
,
trade Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of cr ...
,
debt Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...
,
bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...
, the
criminality In ordinary language, a crime is an unlawful act punishable by a state or other authority. The term ''crime'' does not, in modern criminal law, have any simple and universally accepted definition,Farmer, Lindsay: "Crime, definitions of", in Cane ...
of
theft Theft (, cognate to ) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it. The word ''theft'' is also used as a synonym or informal shor ...
, and private vs. public property. Ownership is the key building block in the development of the
capitalist Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by ...
socio-economic Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analys ...
system.
Adam Smith Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or ...
stated that one of the sacred laws of justice was to guard a person's property and possessions.


Types of owners


In person

Individual An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or g ...
s may own property directly. In some societies only adult men may own property; in other societies (such as the
Haudenosaunee The Iroquois ( ), also known as the Five Nations, and later as the Six Nations from 1722 onwards; alternatively referred to by the Endonym and exonym, endonym Haudenosaunee ( ; ) are an Iroquoian languages, Iroquoian-speaking Confederation#Ind ...
), property is
matrilinear Matrilineality, at times called matriliny, is the tracing of kinship through the female line. It may also correlate with a social system in which people identify with their matriline, their mother's lineage, and which can involve the inheritanc ...
and passed on from mother to the offspring. In most societies both men and women can own property with no restrictions and limitations at all.


Structured ownership entities

Throughout history,
nation A nation is a type of social organization where a collective Identity (social science), identity, a national identity, has emerged from a combination of shared features across a given population, such as language, history, ethnicity, culture, t ...
s (or
government A government is the system or group of people governing an organized community, generally a State (polity), state. In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...
s) and
religious organization Religious activities generally need some infrastructure to be conducted. For this reason, there generally exist religion-supporting organizations, which are some form of organization that manages: * the upkeep of places of worship, such as ...
s have owned property. These entities exist primarily for purposes other than to own or operate property; hence, they may have no clear rules regarding the
disposition A disposition is a quality of character, a habit, a preparation, a state of readiness, or a tendency to act in a specified way. The terms dispositional belief and occurrent belief refer, in the former case, to a belief that is held in the mind b ...
of their property. To own and operate property, structures (often known today as
legal entities In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is t ...
) have been created in many societies throughout history. The differences in how they deal with members' rights is a key factor in determining their type. Each type has advantages and disadvantages derived from their means of recognizing or disregarding (rewarding or not) contributions of financial capital or personal effort.
Cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...
s,
corporation A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...
s, trusts,
partnership A partnership is an agreement where parties agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations ...
s, and
condominium association A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual own ...
s are only some of the many varied types of structured ownership; each type has many subtypes. Legal advantages or restrictions on various types of structured ownership have existed in many societies past and present. To govern how assets are to be used, shared, or treated, rules and regulations may be legally imposed or internally adopted or decreed.


Liability for the group or for others in the group

Ownership by definition does not necessarily imply a responsibility to others for actions regarding the property. A "legal shield" is said to exist if the entity's legal liabilities do not get redistributed among the entity's owners or members. An application of this, to limit ownership risks, is to form a new entity (such as a
shell company A shell corporation is a company or corporation with no significant assets or operations often formed to obtain financing before beginning business. Shell companies were primarily vehicles for lawfully hiding the identity of their beneficial ...
) to purchase, own and operate each property. Since the entity is separate and distinct from others, if a problem occurs which leads to a massive liability, the individual is protected from losing more than the value of that one property. Many other properties are protected, when owned by other distinct entities. In the loosest sense of group ownership, a lack of legal framework, rules and regulations may mean that group ownership of property places each member in a position of responsibility (liability) for the actions of every other member. A structured group duly constituted as an entity under law may still not protect members from being personally liable for each other's actions. Court decisions against the entity itself may give rise to unlimited personal liability for each and every member. An example of this situation is a professional partnership (e.g. law practice) in some
jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s. Thus, being a partner or owner in a group may give little advantage in terms of share ownership while producing a lot of risk to the partner, owner or participant.


Sharing gains

At the end of each
fiscal year A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. La ...
,
accounting Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activit ...
rules determine a surplus or profit, which may be retained inside the entity or distributed among owners according to the initial setup intent when the entity was created. For public corporations, common
shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...
s have no right to receive any of the profit. Entities with a ''member focus'' will give financial surplus back to members according to the volume of financial activity that the participating member generated for the entity. Examples of this are producer cooperatives, buyer cooperatives and participating whole life policyholders in both mutual and share-capital
insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
. Entities with ''shared voting rights'' that depend on financial capital distribute surplus among shareholders without regard to any other contribution to the entity. Depending on internal rules and regulations, certain classes of shares have the right to receive increases in financial "dividends" while other classes do not. After many years the increase over time is substantial if the business is profitable. Examples of this are common shares and preferred shares in private or publicly listed share capital corporations. Entities with a focus on providing service ''in perpetuam'' do not distribute financial surplus; they must retain it. It will then serve as a cushion against losses or as a means to finance growth activities. Examples of this are not-for-profit entities: they are allowed to make profits, but are not permitted to give any of it back to members except by way of discounts in the future on new transactions. Depending on the
charter A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the ...
at the foundation of the entity, and depending on the legal framework under which the entity was created, the form of ownership is determined once and for all time. To change it requires significant work in terms of communicating with stakeholders (member-owners, governments, etc.) and acquiring their approval. Whatever structural constraints or disadvantages exist at the creation thus remain an integral part of the entity. Common in, for instance,
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
,
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
, and
Berlin Berlin ( ; ) is the Capital of Germany, capital and largest city of Germany, by both area and List of cities in Germany by population, population. With 3.7 million inhabitants, it has the List of cities in the European Union by population withi ...
is a form of real estate ownership known as a
cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...
(also co-operative or co-op, in German ''Wohnungsgenossenschaft'' – apartment co-operative, also "''Wohnbaugenossenschaft''" or simply "''Baugenossenschaft''") which relies heavily on internal rules of operation instead of the legal framework governing condominium associations. These "co-ops", owning the building for the mutual benefit of its members, can ultimately perform most of the functions of a legally constituted condominium, i.e. restricting use appropriately and containing financial liabilities to within tolerable levels. To change their structure now that they are up and operating would require significant effort to achieve acceptance among members and various levels of government.


Sharing use

The owning entity makes rules governing use of property; each property may comprise areas that are made available to any and every member of the group to use. When the group is the entire nation, the same principle is in effect whether the property is small (e.g.
picnic A picnic is a meal taken outdoors (Al fresco dining, ''al fresco'') as part of an excursion, especially in scenic surroundings, such as a park, lakeside, or other place affording an interesting view, or else in conjunction with a public event su ...
rest stops along
highway A highway is any public or private road or other public way on land. It includes not just major roads, but also other public roads and rights of way. In the United States, it is also used as an equivalent term to controlled-access highway, or ...
s) or large (such as
national parks A national park is a nature park designated for conservation (ethic), conservation purposes because of unparalleled national natural, historic, or cultural significance. It is an area of natural, semi-natural, or developed land that is protecte ...
, highways, ports, and publicly owned buildings). Smaller examples of shared use include common areas such as lobbies, entrance hallways and passages to adjacent buildings. One disadvantage of communal ownership, known as the
Tragedy of the Commons The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised vo ...
, occurs where unlimited unrestricted and unregulated access to a resource (e.g. pasture land) destroys the resource because of
over-exploitation Overexploitation, also called overharvesting or ecological overshoot, refers to harvesting a renewable resource to the point of diminishing returns. Continued overexploitation can lead to the destruction of the resource, as it will be unable t ...
. The benefits of exploitation accrue to individuals immediately, while the costs of policing or enforcing appropriate use, and the losses dues to over exploitation, are distributed among many, and are only visible to these gradually. In a
communist Communism () is a sociopolitical, philosophical, and economic ideology within the socialist movement, whose goal is the creation of a communist society, a socioeconomic order centered on common ownership of the means of production, di ...
nation, the means of production of goods would be owned communally by all people of that nation; the original thinkers did not specify rules and regulations.


Ownership models

*
State ownership State ownership, also called public ownership or government ownership, is the ownership of an Industry (economics), industry, asset, property, or Business, enterprise by the national government of a country or State (polity), state, or a publi ...
: ownership of an industry,
asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...
, or
enterprise Enterprise (or the archaic spelling Enterprize) may refer to: Business and economics Brands and enterprises * Enterprise GP Holdings, an energy holding company * Enterprise plc, a UK civil engineering and maintenance company * Enterpris ...
by the
state State most commonly refers to: * State (polity), a centralized political organization that regulates law and society within a territory **Sovereign state, a sovereign polity in international law, commonly referred to as a country **Nation state, a ...
or a
public body A statutory corporation is a government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government to the (in ...
representing a community as opposed to an
individual An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or g ...
or private party. **
Public ownership State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed t ...
: ownership and operation of an enterprise by a central government; also an ambiguous term that could refer to either social, partial state, or full state ownership. *
Private ownership Private property is a legal designation for the ownership of property by non-governmental Capacity (law), legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from Collective ownership ...
: exclusive ownership of property by non-governmental
legal entities In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is t ...
. **
Fractional ownership Fractional ownership is a method in which several unrelated parties can share in, and mitigate the risk of, ownership of a high-value tangible asset, usually a jet, yacht or piece of resort real estate. It can be done for strictly monetary reason ...
: ownership held in percentage
shares In financial markets, a share (sometimes referred to as stock or equity) is a unit of equity ownership in the capital stock of a corporation. It can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Sha ...
of an expensive
asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...
, sold to individual owners, who are charged fees for the asset's management and variable use. *
Collective ownership Collective ownership is the ownership of private property by all members of a group. The breadth or narrowness of the group can range from a whole society to a set of coworkers in a particular enterprise (such as one collective farm). In the la ...
: either joint ownership of an economic entity (e.g., a
cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...
) or public ownership. **
Cooperative ownership A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democr ...
: ownership by the people who together operate and trade with an enterprise. **
Common ownership Common ownership refers to holding the assets of an organization, enterprise, or community indivisibly rather than in the names of the individual members or groups of members as common property. Forms of common ownership exist in every economi ...
non-exclusive ownership of property by everyone involuntarily. * Property is also distinguished by whether it is movable (
personal property Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law (legal system), civil law systems, personal property is often called movable property or movables—a ...
) or immovable ( immovable property and
real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
). * Property can also be distinguished by whether or not it is owned with
exclusive right An exclusive right, or exclusivity, is a ''de facto'', non-tangible prerogative existing in law (that is, the power or, in a wider sense, right) to perform an action or acquire a benefit and to permit or deny others the right to perform the same ...
s, such rights grant owners a monopoly to refuse ownership to non-owners. * Concerning ownership of
means of production In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. While the exact resources encompassed in the term may vary, it is widely agreed to include the ...
and delineating which groups receive the direct profits, capitalism's private ownership is distinguished from socialism's
social ownership Social ownership is a type of property where an asset is recognized to be in the possession of society as a whole rather than individual members or groups within it. Social ownership of the means of production is the defining characteristic of ...
. * Ownership of resources can be distinguished as either as individual or communal, analogous to private or public in delineating who has rights of use.


Types of property


Personal property

Personal property is a type of
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, re ...
. In the
common law Common law (also known as judicial precedent, judge-made law, or case law) is the body of law primarily developed through judicial decisions rather than statutes. Although common law may incorporate certain statutes, it is largely based on prece ...
systems personal property may also be called chattels. It is distinguished from
real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
, or real estate. In the civil law systems personal property is often called
movable property Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be m ...
or movables – any property that can be moved from one location or another. This term is used to distinguish property that different from immovable property or immovables, such as land and buildings. This also means the direct owner of the item(s) is in full control of them/it until either stolen, confiscated by
law enforcement Law enforcement is the activity of some members of the government or other social institutions who act in an organized manner to enforce the law by investigating, deterring, rehabilitating, or punishing people who violate the rules and norms gove ...
, or destroyed. Personal property may be classified in a variety of ways, such as
good In most contexts, the concept of good denotes the conduct that should be preferred when posed with a choice between possible actions. Good is generally considered to be the opposite of evil. The specific meaning and etymology of the term and its ...
s,
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: m ...
,
negotiable instrument A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a ...
s,
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
, and
intangible asset An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, exclusive franchises, Goodwill (accounting), goodwill, trademarks, and trade names, reputation, Research and development, R&D, Procedural knowledge, ...
s including choses in action.


Land ownership

Real estate or immovable property is a
legal Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a Socia ...
term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as
building A building or edifice is an enclosed Structure#Load-bearing, structure with a roof, walls and window, windows, usually standing permanently in one place, such as a house or factory. Buildings come in a variety of sizes, shapes, and functions, a ...
s. Real estate (immovable property) is often considered synonymous with
real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
, in contrast from
personal property Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law (legal system), civil law systems, personal property is often called movable property or movables—a ...
(also sometimes called ''chattel'' or ''personalty''). However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from real property, referring to ownership rights over real estate. The terms ''real estate'' and ''real property'' are used primarily in
common law Common law (also known as judicial precedent, judge-made law, or case law) is the body of law primarily developed through judicial decisions rather than statutes. Although common law may incorporate certain statutes, it is largely based on prece ...
, while civil law
jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s refer instead to immovable property. In law, the word ''real'' means relating to a thing (from
Latin Latin ( or ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken by the Latins (Italic tribe), Latins in Latium (now known as Lazio), the lower Tiber area aroun ...
''reālis,'' ultimately from ''rēs'', 'matter' or 'thing'), as distinguished from a person. Thus the law broadly distinguishes between ''real property'' (land and anything affixed to it) and ''personal property'' (everything else, e.g., clothing, furniture, money). The conceptual difference is between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. With the development of private
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, re ...
ownership, real estate has become a major area of
business Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for ...
.


Corporations and legal entities

An individual or group of individuals can own shares in corporations and other
legal entities In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is t ...
, but do not necessarily own the entities themselves. A legal entity is a
legal Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a Socia ...
construct through which the law allows a group of
natural person In jurisprudence, a natural person (also physical person in some Commonwealth countries, or natural entity) is a person (in legal meaning, i.e., one who has its own legal personality) that is an individual human being, distinguished from the br ...
s to act as if it were an
individual An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or g ...
for certain purposes. Some duly incorporated entities may not be owned by individuals nor by other entities; they exist without being owned once they are created. Not being owned, they cannot be bought and sold. Mutual life insurance companies,
credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...
s, foundations and
cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...
s, not for profit organizations, and public corporations are examples of this. No person can purchase the company, as their ownership is not legally available for sale, neither as shares nor as a single whole.


Intellectual property

Intellectual property (IP) refers to a legal entitlement which sometimes attaches to the expressed form of an
idea In philosophy and in common usage, an idea (from the Greek word: ἰδέα (idea), meaning 'a form, or a pattern') is the results of thought. Also in philosophy, ideas can also be mental representational images of some object. Many philosophe ...
, or to some other intangible subject matter. This legal entitlement generally enables its holder to exercise
exclusive right An exclusive right, or exclusivity, is a ''de facto'', non-tangible prerogative existing in law (that is, the power or, in a wider sense, right) to perform an action or acquire a benefit and to permit or deny others the right to perform the same ...
s of use in relation to the subject matter of the IP. The term intellectual property reflects the idea that this subject matter is the product of the
mind The mind is that which thinks, feels, perceives, imagines, remembers, and wills. It covers the totality of mental phenomena, including both conscious processes, through which an individual is aware of external and internal circumstances ...
or the intellect, and that IP rights may be protected at law in the same way as any other form of
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, re ...
. Intellectual property
law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the ar ...
s confer a bundle of
exclusive right An exclusive right, or exclusivity, is a ''de facto'', non-tangible prerogative existing in law (that is, the power or, in a wider sense, right) to perform an action or acquire a benefit and to permit or deny others the right to perform the same ...
s in relation to the particular form or manner in which ideas or information are expressed or manifested, and not in relation to the ideas or concepts themselves (see idea-expression divide). The term "intellectual property" denotes the specific legal rights which authors, inventors and other IP holders may hold and exercise, and not the intellectual work itself. Intellectual property laws are designed to protect different forms of intangible subject matter, although in some cases there is a degree of overlap. *
Copyright A copyright is a type of intellectual property that gives its owner the exclusive legal right to copy, distribute, adapt, display, and perform a creative work, usually for a limited time. The creative work may be in a literary, artistic, ...
may subsist in creative and artistic works (e.g.
book A book is a structured presentation of recorded information, primarily verbal and graphical, through a medium. Originally physical, electronic books and audiobooks are now existent. Physical books are objects that contain printed material, ...
s,
movies A film, also known as a movie or motion picture, is a work of visual art that simulates experiences and otherwise communicates ideas, stories, perceptions, emotions, or atmosphere through the use of moving images that are generally, since ...
,
music Music is the arrangement of sound to create some combination of Musical form, form, harmony, melody, rhythm, or otherwise Musical expression, expressive content. Music is generally agreed to be a cultural universal that is present in all hum ...
,
painting Painting is a Visual arts, visual art, which is characterized by the practice of applying paint, pigment, color or other medium to a solid surface (called "matrix" or "Support (art), support"). The medium is commonly applied to the base with ...
s,
photograph A photograph (also known as a photo, or more generically referred to as an ''image'' or ''picture'') is an image created by light falling on a photosensitivity, photosensitive surface, usually photographic film or an electronic image sensor. Th ...
s and
software Software consists of computer programs that instruct the Execution (computing), execution of a computer. Software also includes design documents and specifications. The history of software is closely tied to the development of digital comput ...
), giving a copyright holder the exclusive right to control reproduction or adaptation of such works for a certain period of time. *A
patent A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an sufficiency of disclosure, enabling discl ...
may be granted in relation to an
invention An invention is a unique or novelty (patent), novel machine, device, Method_(patent), method, composition, idea, or process. An invention may be an improvement upon a machine, product, or process for increasing efficiency or lowering cost. It m ...
that is new, useful and not simply an obvious advancement over what existed when the application was filed. A patent gives the holder an
exclusive right An exclusive right, or exclusivity, is a ''de facto'', non-tangible prerogative existing in law (that is, the power or, in a wider sense, right) to perform an action or acquire a benefit and to permit or deny others the right to perform the same ...
to commercially exploit the invention for a certain period of time (typically 20 years from the filing date of a
patent application A patent application is a request pending at a patent office for the grant of a patent for an invention described in the patent specification and a set of one or more claim (patent), claims stated in a formal document, including necessary officia ...
). *A
trademark A trademark (also written trade mark or trade-mark) is a form of intellectual property that consists of a word, phrase, symbol, design, or a combination that identifies a Good (economics and accounting), product or Service (economics), service f ...
is a distinctive
sign A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to its object—for instance, thunder is a sign of storm, or me ...
which is used to distinguish the products or services of one
business Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for ...
from those of another business. *An
industrial design right An industrial design right is an intellectual property right that protects the visual design of objects that are purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color, or co ...
protects the form of appearance, style or design of an industrial object (e.g.
spare part A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or Refurbishment (electronics), refurbishment of defective equipment/units. Spare parts are an i ...
s,
furniture Furniture refers to objects intended to support various human activities such as seating (e.g., Stool (seat), stools, chairs, and sofas), eating (table (furniture), tables), storing items, working, and sleeping (e.g., beds and hammocks). Furnitur ...
or
textile Textile is an Hyponymy and hypernymy, umbrella term that includes various Fiber, fiber-based materials, including fibers, yarns, Staple (textiles)#Filament fiber, filaments, Thread (yarn), threads, and different types of #Fabric, fabric. ...
s). *A
trade secret A trade secret is a form of intellectual property (IP) comprising confidential information that is not generally known or readily ascertainable, derives economic value from its secrecy, and is protected by reasonable efforts to maintain its conf ...
(also known as "
confidential information Confidentiality involves a set of rules or a promise sometimes executed through non-disclosure agreement, confidentiality agreements that limits the access to or places restrictions on the distribution of certain types of information. Legal con ...
") is an item of confidential information concerning the commercial practices or proprietary knowledge of a business. Patents, trademarks and designs fall into a particular subset of intellectual property known as
industrial property Industrial property is one of two subsets of intellectual property (the other being copyright), it takes a range of forms, including patents for inventions, industrial designs (aesthetic creations related to the appearance of industrial produc ...
. Like other forms of property, intellectual property (or rather the exclusive rights which subsist in the IP) can be transferred ( with or without consideration) or
license A license (American English) or licence (Commonwealth English) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another part ...
d to third parties. In some
jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s it is possible to use intellectual property as collateral for a
loan In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ...
. The basic
public policy Public policy is an institutionalized proposal or a Group decision-making, decided set of elements like laws, regulations, guidelines, and actions to Problem solving, solve or address relevant and problematic social issues, guided by a conceptio ...
rationale for the protection of intellectual property is that IP laws facilitate and encourage disclosure of
innovation Innovation is the practical implementation of ideas that result in the introduction of new goods or service (economics), services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a n ...
into the
public domain The public domain (PD) consists of all the creative work to which no Exclusive exclusive intellectual property rights apply. Those rights may have expired, been forfeited, expressly Waiver, waived, or may be inapplicable. Because no one holds ...
for the
common good In philosophy, Common good (economics), economics, and political science, the common good (also commonwealth, common weal, general welfare, or public benefit) is either what is shared and beneficial for all or most members of a given community, o ...
, by granting
author In legal discourse, an author is the creator of an original work that has been published, whether that work exists in written, graphic, visual, or recorded form. The act of creating such a work is referred to as authorship. Therefore, a sculpt ...
s and
inventors An invention is a unique or novelty (patent), novel machine, device, Method_(patent), method, composition, idea, or process. An invention may be an improvement upon a machine, product, or process for increasing efficiency or lowering cost. It m ...
exclusive rights to exploit their works and invention for a limited period. However, various schools of thought are critical of the very concept of intellectual property, and some characterise IP as '' intellectual protectionism''. There is ongoing debate as to whether IP laws truly operate to confer the stated public benefits, and whether the protection they are said to provide is appropriate in the context of innovation derived from such things as traditional knowledge and folklore, and patents for
software Software consists of computer programs that instruct the Execution (computing), execution of a computer. Software also includes design documents and specifications. The history of software is closely tied to the development of digital comput ...
and business methods. Manifestations of this
controversy Controversy (, ) is a state of prolonged public dispute or debate, usually concerning a matter of conflicting opinion or point of view. The word was coined from the Latin '' controversia'', as a composite of ''controversus'' – "turned in an op ...
can be seen in the way different
jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s decide whether to grant intellectual property protection in relation to subject matter of this kind, and the stark divide on issues of the role and scope of intellectual property laws.


Chattel slavery

The term "Slavery" is commonly understood to refer to chattel slavery. The living
human body The human body is the entire structure of a Human, human being. It is composed of many different types of Cell (biology), cells that together create Tissue (biology), tissues and subsequently Organ (biology), organs and then Organ system, org ...
is, in modern societies, considered something which cannot be the property of anyone but the
person A person (: people or persons, depending on context) is a being who has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations suc ...
whose body it is. Its opposite, in which the person in the body does not own their body, is chattel slavery. Chattel slavery was defined as the absolute legal ownership of a person, including the legal right to buy and sell them. Persons who were so enslaved did not have the
freedom Freedom is the power or right to speak, act, and change as one wants without hindrance or restraint. Freedom is often associated with liberty and autonomy in the sense of "giving oneself one's own laws". In one definition, something is "free" i ...
to direct their own actions, and their legal rights were either severely limited or nonexistent. The
Antebellum period The ''Antebellum'' South era (from ) was a period in the history of the Southern United States that extended from the conclusion of the War of 1812 to the start of the American Civil War in 1861. This era was marked by the prevalent practi ...
in the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
is considered both the worst for the exploitation of chattel slaves, and also where the practice aroused such fierce opposition and support that it led to the
American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...
. Chattel slavery is currently (2020) illegal in every country in the world. However, until the 19th century slavery in one form or another existed in most societies and was thought of as the normal state of things; slaves of whatever
ethnicity An ethnicity or ethnic group is a group of people with shared attributes, which they Collective consciousness, collectively believe to have, and long-term endogamy. Ethnicities share attributes like language, culture, common sets of ancestry, ...
were considered racially inferior. Notwithstanding the illegality of enslavement, virtual slavery still exists in various forms today, although called by other names.


Critical views

The question of ownership reaches back to the
ancient Ancient history is a time period from the beginning of writing and recorded human history through late antiquity. The span of recorded history is roughly 5,000 years, beginning with the development of Sumerian cuneiform script. Ancient h ...
philosopher Philosophy ('love of wisdom' in Ancient Greek) is a systematic study of general and fundamental questions concerning topics like existence, reason, knowledge, Value (ethics and social sciences), value, mind, and language. It is a rational an ...
s,
Plato Plato ( ; Greek language, Greek: , ; born  BC, died 348/347 BC) was an ancient Greek philosopher of the Classical Greece, Classical period who is considered a foundational thinker in Western philosophy and an innovator of the writte ...
and
Aristotle Aristotle (; 384–322 BC) was an Ancient Greek philosophy, Ancient Greek philosopher and polymath. His writings cover a broad range of subjects spanning the natural sciences, philosophy, linguistics, economics, politics, psychology, a ...
, who held different opinions on the subject. Plato (428/427 BC – 348/347 BC) thought private property created divisive inequalities, while Aristotle (384 BC – 322 BC) thought private property enabled people to receive the full benefit of their
labor Labour or labor may refer to: * Childbirth, the delivery of a baby * Labour (human activity), or work ** Manual labour, physical work ** Wage labour, a socioeconomic relationship between a worker and an employer ** Organized labour and the labour ...
. Private property can circumvent what is now referred to as the "
tragedy of the commons The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised vo ...
" problem, where people tend to degrade common property more than they do private property. While Aristotle justified the existence of private ownership, he left two open questions # how to allocate property between what is private and common, and # how to allocate the private property within societyPolitics 1263a8 15 as quoted in Mayhew 1995 p. 566


Modern Western views

In modern
west West is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sun sets on the Earth. Etymology The word "west" is a Germanic word passed into some Romance langu ...
ern
politics Politics () is the set of activities that are associated with decision-making, making decisions in social group, groups, or other forms of power (social and political), power relations among individuals, such as the distribution of Social sta ...
, some people believe that exclusive ownership of property underlies much social injustice, and facilitates
tyranny A tyrant (), in the modern English language, English usage of the word, is an autocracy, absolute ruler who is unrestrained by law, or one who has usurper, usurped a legitimate ruler's sovereignty. Often portrayed as cruel, tyrants may defen ...
and
oppression Oppression is malicious or unjust treatment of, or exercise of power over, a group of individuals, often in the form of governmental authority. Oppression may be overt or covert, depending on how it is practiced. No universally accepted model ...
on an individual and societal scale. Others consider the striving to achieve greater ownership of wealth as the driving factor behind human
innovation Innovation is the practical implementation of ideas that result in the introduction of new goods or service (economics), services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a n ...
and technological advancement and increasing
standards of living Standard of living is the level of income, comforts and services available to an individual, community or society. A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside ...
. Some support the latter view, believing that ownership is necessary for
liberty Liberty is the state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views. The concept of liberty can vary depending on perspective and context. In the Constitutional ...
itself.


Ownership society

Ownership society was a political slogan used by
United States President The president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed For ...
George W. Bush George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he i ...
to promote a series of policies aimed to increase the control of individual citizens over
health care Health care, or healthcare, is the improvement or maintenance of health via the preventive healthcare, prevention, diagnosis, therapy, treatment, wikt:amelioration, amelioration or cure of disease, illness, injury, and other disability, physic ...
and
social security Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance ...
payments and policies. Critics have claimed that slogan hid an agenda that sought to implement
tax cut A tax cut typically represents a decrease in the amount of money taken from taxpayers to go towards government revenue. This decreases the revenue of the government and increases the disposable income of taxpayers. Tax rate cuts usually refer ...
s and curtail the government's role in health care and retirement saving.


See also

* Bubuti system *
Cadastre A cadastre or cadaster ( ) is a comprehensive recording of the real estate or real property's metes-and-bounds of a country.Jo Henssen, ''Basic Principles of the Main Cadastral Systems in the World,'/ref> Often it is represented graphically in ...
*
Dominium means "dominion; control; ownership". Use in legal Latin is used in some phrases and maxims in legal Latin: *Dominium directum – Direct ownership, that is control of the property, but not necessarily with right to its utilization or alienati ...
* Ownership society *
Possession (law) In law, possession is the exercise of dominion by a person over property to the exclusion of others. To possess something, a person must have an intention to possess it and an apparent purpose to assert control over it. A person may be in pos ...
*
Public ownership State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed t ...
*
State ownership State ownership, also called public ownership or government ownership, is the ownership of an Industry (economics), industry, asset, property, or Business, enterprise by the national government of a country or State (polity), state, or a publi ...


References

{{Authority control Legal terminology Ownership