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:
“A man’s personal defects will commonly have with the rest of the world precisely that importance which they have to himself. If he makes light of them, so will other men.”
—Ralph Waldo Emerson (1803–1882)
“Those whom the gods chose as their property must not consort with mortals.”
—Franz Grillparzer (1791–1872)
“To finish a work? To finish a picture? What nonsense! To finish it means to be through with it, to kill it, to rid it of its soul, to give it its final blow ... the coup de grâce for the painter as well as for the picture.”
—Pablo Picasso (1881–1973)
“... this dream that men shall cease to waste strength in competition and shall come to pool their powers of production is coming to pass all over the earth.”
—Jane Addams (1860–1935)