Political Concept of Property Essay Example | Topics and Well Written Essays - 1250 words

Political Concept of Property - Essay Example This essay outlines the importance of the legal concept of the ownership of a property in a society. That concept is a critical element that defines the difference between communism and capitalism – the two polar political ideologies. The ownership of a property involves the rights and obligations of the owner who claims possession of the property. Property is a possession essentially belonging to an individual or a government. The ownership of property is a major element that defines its legal, social, and economic aspects which itself is underlined by political regimes and policymaking in the field. Political frameworks and legislations exist to protect the rights of individuals. Therefore, property has a political aspect because it involves ownership, transfer of rights, and other variations in rights in which governmental authorities, legislations, and institutions play a vital role. Income and taxation are economic concepts associated with a property. Property in the form of real estate or livestock could earn income for a person. At the same time the income could be liable for taxation. But because property essentially involves a ‘proprietary’ component, it occupies a central place in the politics of rights and governance. It indicates that property is characterized by possession which is fluid in nature. Rights related to ownership and transfer of land remain sensitive issues that are guided by government laws. Another fundamental aspect of property ownership is the political ideology.