What are the advantages of private property?

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The advocates of the institution of private property put forth the following arguments:

(i) Incentive to Work:

It is said that man in general needs an incentive. It makes people work and work hard. None would like to exert oneself if one has no incentive. Thus, the institution of private property induces a man to work hard which is ultimately beneficial to the community.

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(ii) Satisfaction of Natural Instinct:

Man has an acquisitive instinct. He wants to acquire something which he can call his own. He wants to have a house, an automobile and several other things of comfort and luxury. He works hard to get these things and when he gets them he feels pleasure.

(iii) Security against Future:

A man of property has security against starvation. He can afford to pursue intellectual tastes. Poverty means a life of want and uncertainty. Property is a fireguard against the wants of the morrow, and those who have no property, are uncertain whether the morrow will give them the means of life.

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(iv) Ethically Sound:

Private property is justified on the ground that it is the reward to an individual for his labour. The builder of a railway, the inventor of a safety razor and the discovery of a patent medicine, all have put in hard labour. So whatever they gain on account of their hard labour rightfully belongs to them.

(v) Nurse of Virtues:

It has also been argued by some thinkers that private property creates social virtue like love of one’s family, generosity, energy, philanthropy etc. The man who has private property has a great stake in the country lest his property may be looted by foreign invade is on this account that some political thinkers have suggested that the right to vote should given only to those who have some property.

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(vi) Economic Progress:

This incentive to private property leads people to exert themselves for earning money. This has led to many inventions in the field of industry, agriculture business which have contributed to economic progress.

(vii) Historical Justification:

The institution of private property is also justified on the basis of history. It is said that all the progressive societies are those which are built upon thesis private property. The United States is a progressive society as it is based on the institute private property and free enterprise

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