Ownership
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties.
The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can
History
Over the
Types of owners
In person
Structured ownership entities
Throughout history, nations (or governments) and religious organizations have owned property. These entities exist primarily for purposes other than to own or operate property; hence, they may have no clear rules regarding the disposition of their property.
To own and operate property, structures (often known today as legal entities) have been created in many societies throughout history. The differences in how they deal with members' rights is a key factor in determining their type. Each type has advantages and disadvantages derived from their means of recognizing or disregarding (rewarding or not) contributions of financial capital or personal effort.
Liability for the group or for others in the group
Ownership by definition does not necessarily imply a responsibility to others for actions regarding the property. A "legal shield" is said to exist if the entity's legal liabilities do not get redistributed among the entity's owners or members. An application of this, to limit ownership risks, is to form a new entity (such as a shell company) to purchase, own and operate each property. Since the entity is separate and distinct from others, if a problem occurs which leads to a massive liability, the individual is protected from losing more than the value of that one property. Many other properties are protected, when owned by other distinct entities.
In the loosest sense of group ownership, a lack of legal framework, rules and regulations may mean that group ownership of property places each member in a position of responsibility (liability) for the actions of every other member. A structured group duly constituted as an entity under law may still not protect members from being personally liable for each other's actions. Court decisions against the entity itself may give rise to unlimited personal liability for each and every member. An example of this situation is a professional partnership (e.g. law practice) in some jurisdictions. Thus, being a partner or owner in a group may give little advantage in terms of share ownership while producing a lot of risk to the partner, owner or participant.
Sharing gains
At the end of each
Entities with a member focus will give financial surplus back to members according to the volume of financial activity that the participating member generated for the entity. Examples of this are producer cooperatives, buyer cooperatives and participating whole life policyholders in both mutual and
Entities with shared voting rights that depend on financial capital distribute surplus among shareholders without regard to any other contribution to the entity. Depending on internal rules and regulations, certain classes of shares have the right to receive increases in financial "dividends" while other classes do not. After many years the increase over time is substantial if the business is profitable. Examples of this are common shares and preferred shares in private or publicly listed share capital corporations.
Entities with a focus on providing service in perpetuam do not distribute financial surplus; they must retain it. It will then serve as a cushion against losses or as a means to finance growth activities. Examples of this are not-for-profit entities: they are allowed to make profits, but are not permitted to give any of it back to members except by way of discounts in the future on new transactions.
Depending on the charter at the foundation of the entity, and depending on the legal framework under which the entity was created, the form of ownership is determined once and for all time. To change it requires significant work in terms of communicating with stakeholders (member-owners, governments, etc.) and acquiring their approval. Whatever structural constraints or disadvantages exist at the creation thus remain an integral part of the entity. Common in, for instance, New York City, Hamburg, and Berlin is a form of real estate ownership known as a cooperative (also co-operative or co-op, in German Wohnungsgenossenschaft – apartment co-operative, also "Wohnbaugenossenschaft" or simply "Baugenossenschaft") which relies heavily on internal rules of operation instead of the legal framework governing condominium associations. These "co-ops", owning the building for the mutual benefit of its members, can ultimately perform most of the functions of a legally constituted condominium, i.e. restricting use appropriately and containing financial liabilities to within tolerable levels. To change their structure now that they are up and operating would require significant effort to achieve acceptance among members and various levels of government.
Sharing use
The owning entity makes rules governing use of property; each property may comprise areas that are made available to any and every member of the group to use. When the group is the entire nation, the same principle is in effect whether the property is small (e.g.
One disadvantage of communal ownership, known as the
In a
Ownership models
- public body representing a community as opposed to an individualor private party.
- ambiguous term that could refer to either social, partial state, or full state ownership.[7]
- legal entities.[8]
- Fractional ownership: ownership held in percentage shares of an expensive asset, sold to individual owners, who are charged fees for the asset's management and variable use.
- Collective ownership: either joint ownership of an economic entity (e.g., a cooperative) or public ownership.[9]
- Cooperative ownership: ownership by the people who together operate and trade with an enterprise.[10]
- Common ownership non-exclusive ownership of property by everyone involuntarily.
- Property is also distinguished by whether it is movable (immovable property and real property).
- Property can also be distinguished by whether or not it is owned with exclusive rights, such rights grant owners a monopoly to refuse ownership to non-owners.
- 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]
Types of property
Personal property
Personal property is a type of
Personal property may be classified in a variety of ways, such as
Land ownership
Real estate or
In law, the word real means relating to a thing (from Latin reālis, ultimately from rēs, 'matter' or 'thing'), as distinguished from a person. Thus the law broadly distinguishes between real property (land and anything affixed to it) and personal property (everything else, e.g., clothing, furniture, money). The conceptual difference is between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to.
With the development of private property ownership, real estate has become a major area of business.
Corporations and legal entities
An individual or group of individuals can own shares in corporations and other
Some duly incorporated entities may not be owned by individuals nor by other entities; they exist without being owned once they are created. Not being owned, they cannot be bought and sold. Mutual life insurance companies,
Intellectual property
Intellectual property (IP) refers to a legal entitlement which sometimes attaches to the
Intellectual property
Intellectual property laws are designed to protect different forms of intangible subject matter, although in some cases there is a degree of overlap.
- copyright holderthe exclusive right to control reproduction or adaptation of such works for a certain period of time.
- A commercially exploit the invention for a certain period of time (typically 20 years from the filing date of a patent application).
- A trademark is a distinctive sign which is used to distinguish the products or services of one business from those of another business.
- An industrial design right protects the form of appearance, style or design of an industrial object (e.g. spare parts, furniture or textiles).
- A confidential information") is an item of confidential information concerning the commercial practices or proprietaryknowledge of a business.
Patents, trademarks and designs fall into a particular subset of intellectual property known as industrial property.
Like other forms of property, intellectual property (or rather the exclusive rights which subsist in the IP) can be transferred (with or without consideration) or licensed to third parties. In some jurisdictions it is possible to use intellectual property as collateral for a loan.
The basic
However, various schools of thought are critical of the very concept of intellectual property, and some characterise IP as
Chattel slavery
The term "Slavery" is commonly understood to refer to chattel slavery.
The living
Chattel slavery is currently (2020) illegal in every country in the world. However, until the 19th century slavery in one form or another existed in most societies and was thought of as the normal state of things; slaves of whatever
Critical views
The question of ownership reaches back to the
- how to allocate property between what is private and common, and
- how to allocate the private property within society[18]
Modern Western views
In
Ownership society
See also
- Bubuti system
- Cadastre
- Dominium
- Owned, a slang term for dominance or control
- Ownership society
- Possession (law)
- Public ownership
- State ownership
References
- ^ "Ownership, control and economic outcomes". Oxford Academic.
- ^ Theory of Moral Sentiments. Ed. A.L. Macfie and D.D. Raphael. Indianapolis: Liberty Press, 1982, II.ii.2.3
- S2CID 230595377.
- ^ "matrilineal society | Definition, Examples, & Facts". Encyclopedia Britannica. Retrieved 2021-09-02.
- ^ "Women in Half the World Still Denied Land, Property Rights Despite Laws". World Bank. Retrieved 2021-09-02.
- ^ Ammer & Ammer 1986, p. 379.
- ISBN 9780230625099.
- ISBN 978-0-07-337569-4.
- ISBN 978-0-02-901480-6.
- ISBN 9781579580773.
- ISBN 9780470658444.
- ^ "Personal property". Sir Robert Harry Inglis Palgrave. Dictionary of political economy, Volume 3. 1908. p. 96
- ISBN 978-1-4039-8951-2.
- ISBN 9781506353319.
- ^ "The Antebellum South | Boundless US History". courses.lumenlearning.com. Retrieved 2021-09-02.
- ^ "A brief history of racism in healthcare". World Economic Forum. Retrieved 2021-09-02.
- ^ "Slavery Today". BBC.
- ^ Politics 1263a8 15 as quoted in Mayhew 1995 p. 566