Private property, markets and firms. Commons and Government.
Private property is an ability to privately own property.
- Capitalism does not deal with ownership of the “commons” like air and knowledge.
- Since capitalism does not inherently have any framework for social ownership, it has a tendency of bringing the commons under private ownership with inequitable results.
With ownership there is always the issue of residual claimant. There is also the issue of the difference between ownership1 and renting.
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Freehold is ownership for a period of time after which the ownership reverts back to the default owner. ↩︎
