Editing Private property (section)

{{Short description|Legal designation of the ownership of property by non-governmental legal entities}}
{{Other uses|Private property (disambiguation)}}
{{distinguish|Personal property}}
{{economic systems sidebar|property types}}
{{Capitalism sidebar}}
{{Liberalism sidebar}}
'''Private property''' is a legal designation for the ownership of [[property]] by non-governmental [[Capacity (law)|legal entities]].<ref>{{cite book |last1=McConnell |first1=Campbell |last2=Brue |first2=Stanley |last3=Flynn |first3=Sean |title=Economics |publisher=Twayne Publishers |location=Boston |page=G-22 |year=2009 |isbn=978-0073375694}}</ref> Private property is distinguishable from [[public property]], which is owned by a state entity, and from [[Collective ownership|collective]] or [[cooperative]] property, which is owned by one or more [[non-governmental entities]].<ref>{{cite book |last=Gregory and Stuart |first=Paul and Robert |title=The Global Economy and its Economic Systems |publisher=South-Western College Pub |year= 2013 |isbn=978-1285055350 |page=30 |quote=There are three broad forms of property ownership – private, public, and collective (cooperative).}}</ref>  Private property is foundational to [[capitalism]], an [[economic system]] based on the private ownership of the [[means of production]] and their operation for [[Profit (economics)|profit]].<ref>{{cite book |last1=Zimbalist |last2=Sherman |last3=Brown |first1=Andrew |first2=Howard J. |first3=Stuart |url=https://archive.org/details/comparingeconomi0000zimb_q8i6/page/6 |title=Comparing Economic Systems: A Political-Economic Approach |date=October 1988 |publisher=Harcourt College Pub |isbn=978-0-15-512403-5 |pages=[https://archive.org/details/comparingeconomi0000zimb_q8i6/page/6 6–7] |quote=Pure capitalism is defined as a system wherein all of the means of production (physical capital) are privately owned and run by the capitalist class for a profit, while most other people are workers who work for a salary or wage (and who do not own the capital or the product).}}</ref> As a legal concept, private property is defined and enforced by a country's [[political system]].<ref name="SAGE Publications, Inc">{{cite book |author1=Bertrand Badie |author2=Dirk Berg-Schlosser |author3=Leonardo Morlino |title=International Encyclopedia of Political Science |publisher=Sage Publications |year=2011 |isbn=978-1412959636 |page=2132 |quote=Private property cannot exist without a [[political system]] that defines its existence, its use, and the conditions of its exchange. That is, private property is defined and exists only because of politics.}}</ref>