Property is any physical or virtual entity that is owned by an individual or jointly by a group of individuals. An owner of property has the right to consume, sell, rent, mortgage, transfer and exchange his or her property. Important widely-recognized types of property include real property (land), personal property (other physical possessions), and intellectual property (rights over artistic creations, inventions, etc.), although the latter is not always as widely recognized or enforced. A title, or a right of ownership, is associated with property that establishes the relation between the goods/services and other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she sees fit. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law (e.g. Saint Irenaeus).

Use of the term

Various scholarly communities (e.g., law, economics, anthropology, sociology) may treat the concept more systematically, but definitions vary within and between fields. Scholars in the social sciences frequently conceive of property as a bundle of rights. They stress that property is not a relationship between people and things, but a relationship between people with regard to things.

Public property is any property that is controlled by a state or by a whole community. Private property is any property that is not public property. Private property may be under the control of a single individual or by a group of individuals collectively. Some philosophers like Karl Marx use it to describe a social relationship between those who sell their labor power and those who buy it.

General characteristics

Modern property rights conceive of ownership and possession as belonging to legal individuals, even if the legal individual is not a real person. Corporations, for example, have legal rights similar to American citizens, including many of their constitutional rights. Therefore, the corporation is a juristic person or artificial legal entity, which some refer to as "corporate personhood".

Property rights are protected in the current laws of states usually found in the form of a Constitution or a Bill of Rights. The fifth and the fourteenth amendments to the United States constitution, for example, provide explicitly for the protection of private property:

The Fifth Amendment states:

Nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

The Fourteenth Amendment states:

No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law.