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:
“There cannot be a personal God without a pessimistic religion. As soon as there is a personal God he is a disappointing God.”
—Cyril Connolly (1903–1974)
“Let’s call something a rigid designator if in every possible world it designates the same object, a non-rigid or accidental designator if that is not the case. Of course we don’t require that the objects exist in all possible worlds.... When we think of a property as essential to an object we usually mean that it is true of that object in any case where it would have existed. A rigid designator of a necessary existent can be called strongly rigid.”
—Saul Kripke (b. 1940)
“Divine right of kings means the divine right of anyone who can get uppermost.”
—Herbert Spencer (1820–1903)
“The society based on production is only productive, not creative.”
—Albert Camus (1913–1960)