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Concerning ownership of means of production and delineating which groups receive the direct profits, capitalism's private ownership is distinguished from socialism's social ownership. [13] Ownership of resources can be distinguished as either as individual or communal, analogous to private or public in delineating who has rights of use. [14]
Public ownership of the means of production is a subset of social ownership, which is the defining characteristic of a socialist economy. However, state ownership and nationalization by themselves are not socialist, as they can exist under a wide variety of different political and economic systems for a variety of different reasons.
Possession is nine-tenths of the law" is an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not. The expression is also stated as "possession is ten points of the law", which is credited as derived from the Scottish expression "possession is eleven points in the law ...
The right to property, or the right to own property (cf. ownership), is often [how often?] classified as a human right for natural persons regarding their possessions.A general recognition of a right to private property is found [citation needed] more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for ...
The former is defined as the means of production about private ownership over an economic enterprise based on socialized production and wage labor whereas the latter is defined as consumer goods or goods produced by an individual. [17] [18] Prior to the 18th century, private property usually referred to land ownership.
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 ).
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Social ownership of the means of production is the defining characteristic of a socialist economy, [2] and can take the form of community ownership, [3] state ownership, common ownership, employee ownership, cooperative ownership, and citizen ownership of equity. [4]