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The Legal Theory of Private Property

Number: 111 September 25, 2023
EN TR

The Legal Theory of Private Property

Abstract

This paper is about the legal theory of private property. Private property is a set of rights on assets approved by the legitimate legal authority or state, and in this respect it differs from possession, which means control over assets. The fact that property derives its power from the legal system supported and enforced by the state means that it is legally constructed. The legal construction of private property has two important economic results. The first result is its effect on capital formation. This effect arises from the collateral role of private property or the privileges granted by law to certain assets. The second is that it causes income and wealth inequality through various channels. Contributing to economic development through capital formation, while also causing inequality, reveals different policy requirements to reduce the latter.

Keywords

Private Property , Private Property Rights , Possession , State , Law , Institutions , Inequality

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APA
Baysal Kar, B. (2023). Özel Mülkiyetin Yasal Teorisi. Liberal Düşünce Dergisi, 111, 39-62. https://doi.org/10.36484/liberal.1291578