Sibin Thomas, Justification of private property.

One page answers.

Justification of private property.

Property is essential for living a happy life. Therefore in order to facilitate material property's availability and effective management, human beings should acquire its ownership. "Ownership is the right to exclusive control and disposal over a thing at will.'' The right to private property is the social-political principle that adult human beings may not be prohibited or prevented by anyone from acquiring, holding and trading (with willing parties) valued items not already owned by others. Such a right is, thus, unalienable and, if in fact justified, is supposed to enjoy respect and legal protection in a just human community. Private ownership is the right which enables one to make and use    for substance, comfort, and further development, the goods that are required for one's further needs.

Characteristics

There are many different ways in which private property has been supported in the history of political economy. Most prominent has been the claim that there should be legal protection of the right private property. 

Modern property rights are based on conceptions of owners and possession as belonging to legal persons, even if the legal person is not a natural person. In most countries, corporations, for example, have legal rights similar to those of citizens. Therefore, the corporation is a juristic person or artificial legal entity, under a concept that some refer to as "corporate personhood". Property rights are protected in the current laws of most states, usually in their constitution or in a bill of rights. Protection is also prescribed in the United Nations' Universal Declaration of Human Rights, Article 17, and in the European Convention on Human Rights (ECHR), Protocol.

1. Control of the use of the property

2. The right to any benefit from the property (examples: mining rights and rent)

3. A right to transfer or sell the property

4. A right to exclude others from the property.