#PRIVATIZED TYRANNY DEF FREE#

A erects a six-foot fence at the border of his land and this fence blocks the sunlight to Ms. The very boundaries of private property are defined by common law liabilities. In some instances, an injunction may even prevent an unlawful action before it causes damages to others. If one uses his possessions to create a health hazard or nuisance to others, he is fully liable for damages. No one has a right to infringe upon the legitimate rights of others. Property and tort liability are inexorably intertwined. The common law has three pillars: private property, tort liability, and the law of contract. The common law provided a clear picture of ownership to the Founding Fathers. The British common law has established the legal limits to property rights through case precedents, reflecting the practical needs of trade long before the North American colonies even existed. The Common Law Boundaries of Private Property These species of private property do not refer to any specific objects at all, but are legitimate articles of property nonetheless. The right to publish a book or construct a machine may be reserved to the author/inventor. The economic view of property consisting of primarily actions, rather than things, is also compatible with intellectual property, such as copyrights and patents. The validity of these contracts implies that ownership refers to the many legitimate uses and disposal of things, rather than title to the object itself. Once again, here are two examples: landowners may lease property for a specified period of time while retaining the residual rights to the land upon termination of the contract or the same landowner may sell only the mineral rights, while retaining title along with most of the “sticks” in the property rights bundle. In other cases, the “bundle of rights” to use an object may be separated and sold apart from the title. The manufacturer although still retaining title to the equipment no longer “owns” the property and, accordingly, should not include it as an asset.

Proper accounting principles, in such cases, require the lessee to record the equipment on its books as an asset and the lease itself becomes a method of financing the purchase. In both cases the lease transfers ownership in the true economic meaning of rights to employ the equipment without actually changing title. Here are two examples: if a lease approximates the useful life of the equipment or if the lease itself contains an option to buy the equipment outright for a nominal sum. Sometimes businesses lease equipment from manufacturers under circumstances which transfer all of the meaningful rights of ownership to the lessee while title remains with the manufacturer. Often, title and ownership coincide, but not necessarily. Many people confuse the economic concept of ownership with the mere holding of legal title. At best, a title or deed amounts to proof of ownership, not the rights inherent in ownership. “We may speak of a person owning land and using it as a factor of production,” writes Nobel laureate Ronald Coase in his essay on “The Problem of Social Cost,” “but what the owner in fact possesses is the right to perform certain (physical) actions.” These “rights to perform physical actions,” called private property, constitute the real factors of production and the real articles of trade. In brief, private property refers to the rights of owners to use their possessions which are enforceable against all nonowners–even the government.

#PRIVATIZED TYRANNY DEF FREE#

Consequently, the constitutional rights regarding free speech, freedom of religion, the right of assembly, and private property rights are all claims that individuals may hold and exercise against the government itself. All rights, not specifically delegated to the government, remained with the people–including the common-law provisions of private property. The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. They believed that private property ownership, as defined under common law, pre-existed government. The Founding Fathers upheld the economic view of property. Under this latter view, the state retains ownership and may at any time regulate or even repossess the property it temporarily cedes to individuals. The alternative (collectivist) view is that private property consists merely of a legal deed to an object with the use and disposal of the object subject to the whims and mercies of the state. It is the bundle of rights which the owner is entitled to employ those objects. Property is not a table, a chair, or an acre of land. The economic concept of private property refers to the rights owners have to the exclusive use and disposal of a physical object.

Privatized tyranny def