Capitol and Private Property
In it market economy, capital typically is privately owned, and the income from capital goes to individuals, Every patch, of land has a deed, or title of ownership; almost every machine and building belongs to all individual or corporation. Property rights bestow on their. owners the ability to use, exchange, paint, dig, drill, or exploit their capital goods. These capital goods also have market values, and people can buy and sell the capital goods for whatever price the goods will fetch. The ambit), of individuals to own and profit from capital is what gives spiritualism its name.
However, while our society is one built on private property, property rights are limited. Society determines how much of “your” property you may bequeath to your heirs and how much must go in inheritance and estate taxes to the government. Society determines how much your factory can pollute and where you can park your car. Even your home is not your castle: you must obey zoning laws and, if necessary. make way for a road.
Interestingly enough, the most valuable’ economic resource, labor,’ cannot be turned into a commodity’ that is bought and sold as private property. Since the abolition of slavery, it has been against the law to treat human earning power like other capital assets. You are not free to sell yourself; you must rent yourself at a wage.
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