Personal Property Versus The Means of Production
In general, personal property is almost an extension of one's person and does include property from which one has the right to exclude others. Personal property is different to private property, however, in that it refers to things that are personal: objects with which one has a personal connection, making them important to one person while potentially worthless to the next. These objects can range from CDs to houses, depending on one's perspective, but definitions tend to include personal items such as clothing, books, food, or records.
From the socialist perspective, private property refers to capital or means of production that is owned by a business or few individuals and operated for their profit. Personal property refers to tangible items and possessions individuals own, as mentioned above. Socialism does not advocate the abolition of personal property, believing that it is an acceptable form of ownership of an item, unlike private property.
From the Marxist perspective, which is very similar to the socialist perspective, private property is a social relationship, not (as with personal property) a relationship between person and thing. It also describes personal property, as above, as those objects which are personal, or an extension of one's self. The Marxist perspective also does not advocate the abolition of personal property: it believes that it is only private property that should be done away with.
In capitalism there is little distinction between personal and private property.
Read more about this topic: Private Property
Famous quotes containing the words personal, property, means and/or production:
“... religion can only change when the emotions which fill it are changed; and the religion of personal fear remains nearly at the level of the savage.”
—George Eliot [Mary Ann (or Marian)
“The power of perpetuating our property in our families is one of the most valuable and interesting circumstances belonging to it, and that which tends the most to the perpetuation of society itself.”
—Edmund Burke (1729–1797)
“Religion differs from magic in that it is not concerned with control or manipulation of the powers confronted. Rather it means submission to, trust in, and adoration of, what is apprehended as the divine nature of ultimate reality.”
—Joachim Wach (1898–1955)
“In the production of the necessaries of life Nature is ready enough to assist man.”
—Henry David Thoreau (1817–1862)