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, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights .
69-665: The Interoceanic Railway of Mexico ( Ferrocarril Interoceánico de México ) was one of the primary pre- nationalization railways of Mexico . Incorporated in Great Britain in 1888 to complete an unfinished project and compete with the Mexican Railway , it completed a 3 ft ( 914 mm ) narrow gauge main line from Mexico City to Veracruz in 1891. Branches included Mexico City to Puente de Ixtla (the constructed part of an incomplete line to Acapulco ), Puebla to Cuautla , Atencingo to Tlancualpicán , and
138-490: A national government or state . Nationalization contrasts with privatization and with demutualization . When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization . Industries often subject to nationalization include telecommunications , electric power , fossil fuels , railways , airlines , iron ore , media , postal services , banks , and water (sometimes called
207-742: A cutoff between Oriental and Santa Clara (bypassing Puebla). Through subsidiary Mexican Eastern Railroad , the Interoceanic acquired a branch from San Marcos to Teziutlán in 1902, and in January 1910 it began operating the Mexican Southern Railway from Puebla to Oaxaca under lease. The Mexican government acquired control of the Interoceanic in 1903, and subsequently sold it to the National Railroad of Mexico in exchange for ownership of that company. Although
276-409: A different political party or faction is in power. A re-nationalization process may also be called "reverse privatization". Nationalization has been used to refer to either direct state-ownership and management of an enterprise or to a government acquiring a large controlling share of a publicly listed corporation . According to research by Paasha Mahdavi, leaders who consider nationalization face
345-482: A dilemma: "nationalize and reap immediate gains while risking future prosperity, or maintain private operations, thereby passing on revenue windfalls but securing long-term fiscal streams." He argues that leaders "nationalize extractive resources to extend the duration of their power" by using "this increased capital to secure political support." Nationalization can have positive and negative effects. In 2019 research based on studies from Greenwich University found that
414-426: A government to take property in certain situations. Due to political risks that are involved when countries engage in international business, it is important to understand the expropriation risks and laws within each of the countries in which business is conducted in order to understand the risks as an investor in that country. Studies have found that nationalization follows a cyclical trend. Nationalization rose in
483-471: A nuisance, or another tort has been held a taking of property where the conduct was sufficiently persistent and severe. There exist many theories of property. One is the relatively rare first possession theory of property , where ownership of something is seen as justified simply by someone seizing something before someone else does. Perhaps one of the most popular is the natural rights definition of property rights as advanced by John Locke . Locke advanced
552-418: A possessory interest or legal title in that thing. This mediating relationship between individual, property, and State is called a property regime. In sociology and anthropology , property is often defined as a relationship between two or more individuals and an object, in which at least one of these individuals holds a bundle of rights over the object. The distinction between collective and private property
621-449: A resource based on the practical inability to contradict the ends of the possessor. The second title is the expectation that others will recognize rights to control resources, even when not in possession. He elaborates on the differences between these two concepts and proposes a history of how they came to be attached to persons, as opposed to families or entities such as the church. Both communism and some forms of socialism have also upheld
690-433: A scarcity justification, since the things don't have the exclusivity property (however, those who support a scarcity justification may still support other "intellectual property" laws such as Copyright , as long as these are a subject of contract instead of government arbitration). Thus even ardent propertarians may disagree about IP. By either standard, one's body is one's property. From some anarchist points of view,
759-422: A single party at a time, or a single party in a divisible context, if owned or used. Thus far or usually, those are not considered property, or at least not private property, even though the party bearing right of exclusive use may transfer that right to another. In many societies the human body is considered property of some kind or other. The question of the ownership and rights to one's body arise in general in
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#1732775929615828-545: A strategy to build socialism, more commonly nationalization was also undertaken and used to protect and develop industries perceived as being vital to a nation's competitiveness (such as aerospace and shipbuilding), or to protect jobs in certain industries. Nationalization has had varying levels of support throughout history. After the Second World War , nationalization was supported by social democratic and democratic socialist parties throughout Western Europe, such as
897-435: Is a great property, there is great inequality … Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all. In his 1881 text "The Common Law", Oliver Wendell Holmes describes property as having two fundamental aspects. The first, possession, can be defined as control over
966-464: Is an expectation that each party's will with regard to the property be clearly defined and unconditional. . The parties may expect their wills to be unanimous, or alternatively each may expect their own will to be sufficient when no opportunity for dispute exists. The first Restatement defines property as anything, tangible or intangible, whereby a legal relationship between persons and the State enforces
1035-516: Is based on The Public Trust Doctrine. ), celestial bodies and outer space, and land in Antarctica . The nature of children under the age of majority is another contested issue here. In ancient societies, children were generally considered the property of their parents. However, children in most modern communities theoretically own their bodies but are not regarded as competent to exercise their rights. Their parents or guardians are given most of
1104-492: Is his safest refuge]." It is the origin of the famous dictum, "an Englishman's home is his castle". The ruling enshrined into law what several English writers had espoused in the 16th century. Unlike the rest of Europe the British had a proclivity towards owning their own homes. British Prime Minister William Pitt, 1st Earl of Chatham defined the meaning of castle in 1763, "The poorest man may in his cottage bid defiance to all
1173-467: Is no private property under natural law but only under human law . Seneca viewed property as only becoming necessary when men become avaricious. St. Ambrose later adopted this view and St. Augustine even derided heretics for complaining the Emperor could not confiscate property they had labored for. The canon law Decretum Gratiani maintained that mere human law creates property, repeating
1242-640: Is often defined by the code of the local sovereignty and protected wholly or - more usually, partially - by such entity, the owner being responsible for any remainder of protection. The standards of the proof concerning proofs of ownerships are also addressed by the code of the local sovereignty, and such entity plays a role accordingly, typically somewhat managerial . Some philosophers assert that property rights arise from social convention , while others find justifications for them in morality or in natural law . Various scholarly disciplines (such as law , economics , anthropology or sociology ) may treat
1311-562: Is regarded as confusion, since different individuals often hold differing rights over a single object. Types of property include real property (the combination of land and any improvements to or on the ground), personal property (physical possessions belonging to a person), private property (property owned by legal persons, business entities or individual natural persons), public property (State-owned or publicly owned and available possessions) and intellectual property —including exclusive rights over artistic creations and inventions. However,
1380-594: Is such that an article of property is, by law or otherwise by traditional conceptualization, subject to expiration even when inheritable , which is a key distinction from tangible property. Upon expiration, the property, if of the intellectual category, becomes a part of public domain , to be used by but not owned by anybody, and possibly used by more than one party simultaneously due to the inapplicability of scarcity to intellectual property. Whereas things such as communications channels and pairs of electromagnetic spectrum bands and signal transmission power can only be used by
1449-526: Is surely undeniable that, when a man engages in remunerative labor, the impelling reason and motive of his work is to obtain property, and after that to hold it as his very own." Anthropology studies the diverse ownership systems, rights of use and transfer, and possession under the term "theories of property". As mentioned, western legal theory is based on the owner of property being a legal person. However, not all property systems are founded on this basis. In every culture studied, ownership and possession are
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#17327759296151518-441: Is the combination of interests in land and improvements thereto, and personal property is interest in movable property. Real property rights are rights relating to the land. These rights include ownership and usage. Owners can grant rights to persons and entities in the form of leases , licenses , and easements . Throughout the last centuries of the second millennium , with the development of more complex theories of property,
1587-401: Is the seizure of private property by a public agency for a purpose deemed to be in the public interest. It may also be used as a penalty for criminal proceedings. Expropriation differs from eminent domain in that the property owner is not compensated for the seized property. Unlike eminent domain, expropriation may also refer to the taking of private property by a private entity authorized by
1656-451: The commanding heights of the economy ), and in many jurisdictions such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners . Nationalization is distinguished from property redistribution in that the government retains control of nationalized property . Some nationalizations take place when a government seizes property acquired illegally. For example, in 1945
1725-495: The commons . The term "commons," however, is also often used to mean something entirely different: "general collective ownership"—i.e. common ownership . Also, the same term is sometimes used by statists to mean government-owned property that the general public is allowed to access ( public property ). Law in all societies has tended to reduce the number of things not having clear owners. Supporters of property rights argue that this enables better protection of scarce resources due to
1794-771: The seafloor (see the United Nations Convention on the Law of the Sea for restrictions), gases in Earth's atmosphere , animals in the wild (although in most nations, animals are tied to the land. In the United States and Canada , wildlife is generally defined in statute as property of the State. This public ownership of wildlife is referred to as the North American Model of Wildlife Conservation and
1863-513: The spiritual body that runs them. Intellectual property and air ( airspace , no-fly zone , pollution laws, which can include tradable emissions rights ) can be property in some senses of the word. Ownership of land can be held separately from the ownership of rights over that land, including sporting rights, mineral rights , development rights, air rights , and such other rights as may be worth segregating from simple land ownership. Ownership laws may vary widely among countries depending on
1932-442: The telos of property, i.e., what is the purpose of property? His answer: to solve the scarcity problem. Only when items are relatively scarce concerning people's desires, do they become property. For example, hunter-gatherers did not consider land to be property, since there was no shortage of land. Agrarian societies later made arable land property, as it was scarce. For something to be economically scarce, it must necessarily have
2001-616: The tragedy of the commons . At the same time, critics say that it leads to the 'exploitation' of those resources for personal gain and that it hinders taking advantage of potential network effects . These arguments have differing validity for different types of "property"—things that are not scarce are, for instance, not subject to the tragedy of the commons . Some apparent critics advocate general collective ownership rather than ownerlessness. Things that do not have owners include: ideas (except for intellectual property ), seawater (which is, however, protected by anti-pollution laws), parts of
2070-409: The value of legal tender if not the legal tender itself , as the manufacturer rather than the possessor might be the owner. They often distinguish tangible and intangible property . One categorization scheme specifies three species of property: land, improvements (immovable man-made things), and personal property (movable man-made things). In common law , real property ( immovable property )
2139-418: The "exclusivity property"—that use by one person excludes others from using it. These two justifications lead to different conclusions on what can be property. Intellectual property —incorporeal things like ideas, plans, orderings and arrangements (musical compositions, novels, computer programs)—are generally considered valid property to those who support an effort justification, but invalid to those who support
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2208-649: The 1960s and 1970s, followed by an increase in privatization in the 80s and 90s, followed again by an increase in nationalization in the 2000s and 2010s. The term appears as "expropriation of expropriators ( ruling classes )" in Marxist theory , and also as the slogan "Loot the looters!" ("грабь награбленное"), which was very popular during the Russian October Revolution . The term is also used to describe nationalization campaigns by communist states , such as dekulakization and collectivization in
2277-544: The British Labour Party . In the United States, potentially nationalizing healthcare is often a topic of political disagreement and makes frequent appearances in debates between political candidates. A 2020 poll shows that a majority (63%) of Americans support a nationalized healthcare system. A re-nationalization occurs when state-owned assets are privatized and later nationalized again, often when
2346-457: The French government seized the car-maker Renault because its owners had collaborated with the 1940–1944 Nazi occupiers of France . In September 2021, Berliners voted to expropriate over 240,000 housing units , many of which were being held unoccupied as investment property. Economists distinguish between nationalization and socialization , which refers to the process of restructuring
2415-641: The Inca empire, the dead emperors, considered gods, still controlled property after death. In 17th-century England , the legal directive that nobody may enter a home (which in the 17th century would typically have been male-owned) unless by the owner's invitation or consent, was established as common law in Sir Edward Coke 's " Institutes of the Lawes of England ". "For a man's house is his castle, et domus sua cuique est tutissimum refugium [and each man's home
2484-471: The National Railroad became part of Ferrocarriles Nacionales de México ( National Railways of Mexico ) in January 1909, the Interoceanic and its two subsidiaries remained separate companies. Following privatization in the 1990s, Transportación Ferroviaria Mexicana (now Kansas City Southern de México ) acquired most of the main line of the former Interoceanic, while several branches, including
2553-514: The USSR . However, nationalization is not a specifically socialist strategy, and Marxism's founders were skeptical of its value. As Engels put it: Therein precisely lies the rub; for, so long as the propertied classes remain at the helm, nationalisation never abolishes exploitation but merely changes its form — in the French, American or Swiss republics no less than in monarchist Central, and despotic Eastern, Europe. Nikolai Bukharin also criticised
2622-481: The cause, of the distribution of property. He said that the worst possible situation is when the commoners have half a nation's property, with the crown and nobility holding the other half—a circumstance fraught with instability and violence. He suggested a much better situation (a stable republic) would exist once the commoners own most property. In later years, the ranks of Harrington's admirers included American revolutionary and founder John Adams . Another member of
2691-491: The citizens respectively who made, or may rightfully own them: Provided, that the citizens of the Nation possessing the exclusive and indefeasible right to their improvements, as expressed in this article, shall possess no right or power to dispose of their improvements, in any manner whatever, to the United States, individual States, or individual citizens thereof; and that, whenever any citizen shall remove with his effects out of
2760-573: The common interest, and only when he is himself concerned as an individual." In addition, he says that when property is common, there are natural problems that arise due to differences in labor: "If they do not share equally enjoyments and toils, those who labor much and get little will necessarily complain of those who labor little and receive or consume much. But indeed, there is always a difficulty in men living together and having all human relations in common, but especially in their having common property." ( Politics, 1261b34 ) Cicero held that there
2829-439: The concept more systematically, but definitions vary, most particularly when involving contracts . Positive law defines such rights, and the judiciary can adjudicate and enforce property rights. According to Adam Smith (1723-1790), the expectation of profit from "improving one's stock of capital" rests on private-property rights. Capitalism has as a central assumption that property rights encourage their holders to develop
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2898-515: The concept of personal property had become divided into tangible property (such as cars and clothing ) and intangible property (such as financial assets and related rights, including stocks and bonds ; intellectual property , including patents , copyrights and trademarks ; digital files ; communication channels ; and certain forms of identifier , including Internet domain names , some forms of network address , some forms of handle and again trademarks). Treatment of intangible property
2967-626: The discussion of human rights , including the specific issues of slavery , conscription , rights of children under the age of majority , marriage , abortion , prostitution , drugs , euthanasia and organ donation . Of the following, only sale and at-will sharing involve no encumbrance . The two major justifications are given for the original property, or the homestead principle , are effort and scarcity. John Locke emphasized effort, "mixing your labor" with an object, or clearing and cultivating virgin land. Benjamin Tucker preferred to look at
3036-416: The doctrine of sovereign immunity precludes relief. Moreover, if the interference does not almost completely make the property valueless, the interference will not be deemed a taking but instead a mere regulation of use. On the other hand, some governmental regulations of property use have been deemed so severe that they have been considered " regulatory takings ." Moreover, conduct is sometimes deemed only
3105-408: The economic framework, organizational structure, and institutions of an economy on a socialist basis. By contrast, nationalization does not necessarily imply social ownership and the restructuring of the economic system . Historically, states have carried out nationalizations for various different purposes under a wide variety of different political systems and economic systems . Nationalization
3174-540: The entire social and political unit. Common ownership in a hypothetical communist society is distinguished from primitive forms of common property that have existed throughout history, such as Communalism and primitive communism , in that communist common ownership is the outcome of social and technological developments leading to the elimination of material scarcity in society. Corporate systems describe ownership as being attached to an identifiable group with an identifiable responsible individual. The Roman property law
3243-421: The fact that they help a man form those expectations which he can reasonably hold in his dealings with others. These expectations find expression in society's laws, customs, and more. An owner of property rights possesses the consent of fellowmen to allow him to act in particular ways. An owner expects the community to prevent others from interfering with his actions, provided that these actions are not prohibited in
3312-526: The forces of the crown. It may be frail – its roof may shake – the wind may blow through it – the storm may enter – the rain may enter – but the King of England cannot enter." That principle was carried to the United States. Under U.S. law, the principal limitations on whether and the extent to which the State may interfere with property rights are set by the Constitution. The Takings clause requires that
3381-464: The fundamental rights of control over them. Questions regarding the nature of ownership of the body also come up in the issue of abortion , drugs , and euthanasia . In many ancient legal systems (e.g., early Roman law ), religious sites (e.g. temples ) were considered property of the God or gods they were devoted to. However, religious pluralism makes it more convenient to have sacred sites owned by
3450-405: The government (whether State or federal—for the 14th Amendment's due process clause imposes the 5th Amendment's takings clause on state governments) may take private property only for a public purpose after exercising due process of law, and upon making "just compensation." If an interest is not deemed a "property" right or the conduct is merely an intentional tort, these limitations do not apply, and
3519-413: The idea of "giving to every man his own," a phrase he drew from the writings of Cicero . But he wondered: How can anybody call anything his own? A contemporary of Hobbes, James Harrington , reacted to the same tumult differently: he considered property natural but not inevitable. The author of " Oceana ," he may have been the first political theorist to postulate that political power is a consequence, not
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#17327759296153588-700: The king of the Sumerian city-state Lagash , established the first laws that forbade compelling the sale of property. The Bible in Leviticus 19:11 and ibid. 19:13 states that the Israelites are not to steal. Aristotle , in Politics, advocates "private property." He argues that self-interest leads to neglect of the commons. "[T]hat which is common to the greatest number has the least care bestowed upon it. Everyone thinks chiefly of his own, hardly at all of
3657-399: The latter is not always widely recognized or enforced. An article of property may have physical and incorporeal parts. A title , or a right of ownership , establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit. The unqualified term "property" is often used to refer specifically to real property. Property
3726-535: The limits of this Nation, and become a citizen of any other government, all his rights and privileges as a citizen of this Nation shall cease: Provided, nevertheless, That the National Council shall have power to re-admit, by law, to all the rights of citizenship, any such person or persons who may, at any time, desire to return to the Nation, on memorializing the National Council for such readmission. Communal property systems describe ownership as belonging to
3795-770: The motivations of the nationalizing party. Nationalization was employed towards the Panama Canal by the Panamanian Government, which came under the Panama Canal Authority in 1999, to internationally positive effect. Likewise, the Suez Canal was nationalized multiple times throughout history. In Germany, the Federal Press [ Bundesdruckerei ] was nationalized in 2008 with positive revenue and net income since. Expropriation
3864-498: The nationalization of key services such as water, bus, railways and broadband in the United Kingdom could save £13bn every year. Nationalization may produce other effects, such as reducing competition in the marketplace, which in turn reduces incentives to innovation and maintains high prices. In the short run, nationalization can provide a larger revenue stream for government but may cause that industry to falter depending on
3933-427: The nature of the property of interest (e.g., firearms, real property, personal property, animals). Persons can own property directly. In most societies legal entities , such as corporations , trusts and nations (or governments) own property. In many countries women have limited access to property following restrictive inheritance and family laws, under which only men have actual or formal rights to own property. In
4002-873: The notion that private ownership of capital is inherently illegitimate. This argument centers on the idea that private ownership of capital always benefits one class over another, giving rise to domination through this privately owned capital. Communists do not oppose personal property that is "hard-won, self-acquired, self-earned" (as " The Communist Manifesto " puts it) by members of the proletariat . Both socialism and communism distinguish carefully between private ownership of capital (land, factories, resources, etc.) and private property (homes, material objects, and so forth). Most legal systems distinguish between different types of property, especially between land ( immovable property , estate in land , real estate , real property ) and all other forms of property— goods and chattels , movable property or personal property , including
4071-598: The old line to Puebla and the Mexican Southern, were assigned to Ferromex . A portion of the former Interoceanic and a station have been preserved as a heritage railway and museum in Cuautla . Nationalization Nationalization ( nationalisation in British English ) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of
4140-519: The phrases used by St. Augustine. St. Thomas Aquinas agreed with regard to the private consumption of property but modified patristic theory in finding that the private possession of property is necessary. Thomas Aquinas concludes that, given certain detailed provisions, The principal writings of Thomas Hobbes appeared between 1640 and 1651—during and immediately following the war between forces loyal to King Charles I and those loyal to Parliament . In his own words, Hobbes' reflection began with
4209-400: The property, generate wealth , and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living. However, Smith also expressed a very critical view of the effects of property laws on inequality: Wherever there
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#17327759296154278-417: The specifications of his rights. Different societies may have other theories of property for differing types of ownership. For example, Pauline Peters argued that property systems are not isolable from the social fabric, and notions of property may not be stated as such but instead may be framed in negative terms: for example, the taboo system among Polynesian peoples. In medieval and Renaissance Europe
4347-497: The subjects of custom and regulation, and "law" is where the term can meaningfully be applied. Many tribal cultures balance individual rights with the laws of collective groups: tribes, families, associations, and nations. For example, the 1839 Cherokee Constitution frames the issue in these terms: Sec. 2. The lands of the Cherokee Nation shall remain common property. Still, the improvements made thereon, and in possession of
4416-564: The term nationalisation , preferring the term statisation instead. |Fred Moseley]] in Dollars & Sense , January/February 2009 Property In economics and political economy , there are three broad forms of property: private property , public property , and collective property (or cooperative propert y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there
4485-402: The term "property" essentially referred to land. After much rethinking, land has come to be regarded as only a special case of the property genus. This rethinking was inspired by at least three broad features of early modern Europe: the surge of commerce, the breakdown of efforts to prohibit interest (then called " usury "), and the development of centralized national monarchies . Urukagina ,
4554-446: The theory that God granted dominion over nature to man through Adam in the book of Genesis. Therefore, he theorized that when one mixes one's labor with nature, one gains a relationship with that part of nature with which the labor is mixed, subject to the limitation that there should be "enough, and as good, left in common for others." (see Lockean proviso ) In his encyclical letter Rerum novarum (1891), Pope Leo XIII wrote, "It
4623-572: The validity of property depends on whether the "property right" requires enforcement by the State. Different forms of "property" require different amounts of enforcement: intellectual property requires a great deal of state intervention to enforce, ownership of distant physical property requires quite a lot, ownership of carried objects requires very little. In contrast, requesting one's own body requires absolutely no state intervention. So some anarchists don't believe in property at all. Many things have existed that did not have an owner , sometimes called
4692-467: Was based on such a corporate system. In a well-known paper that contributed to the creation of the field of law and economics in the late 1960s, the American scholar Harold Demsetz described how the concept of property rights makes social interactions easier: In the world of Robinson Crusoe , property rights play no role. Property rights are an instrument of society and derive their significance from
4761-436: Was one of the major mechanisms advocated by reformist socialists and social democrats for gradually transitioning to socialism. In this context, the goals of nationalization were to dispossess large capitalists, redirect the profits of industry to the public purse, and establish some form of workers' self-management as a precursor to the establishment of a socialist economic system. Although sometimes undertaken as part of
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