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Property is a system of rights that gives people legal control of valuable things,[1] 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,[2] 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.
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or cooperative property).[3] 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 is an expectation that each party's will with regard to the property be clearly defined and unconditional.[citation needed]. 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 a possessory interest or legal title in that thing. This mediating relationship between individual, property, and State is called a property regime.[4]
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 is regarded as confusion, since different individuals often hold differing rights over a single object.[5][6]
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, 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.[citation needed] The unqualified term "property" is often used to refer specifically to real property.
- ^ Powell, Richard R. (2009). "2.02". In Wolf, Michael Alan (ed.). Powell on Real Property. New Providence, NJ. ISBN 9781579111588.
{{cite book}}: CS1 maint: location missing publisher (link) - ^ "property". WordNet. Princeton University. Retrieved 2010-06-19.
- ^ Gregory, Paul R.; Stuart, Robert C. (2003). Comparing Economic Systems in the Twenty-First Century. Boston: Houghton Mifflin. p. 27. ISBN 0-618-26181-8.
There are three broad forms of property ownership—private, public, and collective (cooperative).
- ^ Pellissary, Sony; Dey Biswas, Sattwick (November 2012). "Emerging Property Regimes in India: What it Holds for the Future of Socio-economic Rights?" (PDF). www.irma.ac.in. Institute of Rural Management Anand. Retrieved 26 October 2021.
- ^ Graber, David (2002). Toward an Anthropological Theory of Value. New York: Palgrave. p. 9. ISBN 978-0-312-24044-8.
- ^ Max Planck Institute for Social Anthropology, Property in Anthropology, "Max Planck Institute for Social Anthropology". Archived from the original on 2015-01-16. Retrieved 2015-01-15.