Three Faces of Property. On the Role of Private Property in Economic and Social System Based on Works of H. Belloc and G.K. Chesterton

Abstract

The institution of property is undeniably one of the most important elements of every social and economic system. It affects every human being, playing a vital role in everyday life of the whole human race. Nevertheless, its origin and true meaning is not always treated with due attention, which sometimes leads to practical errors and improper application of this essential idea in human societies. The article concerns the true importance of private property, based on works by two British writers of the early 20^th century, H. Belloc and G.K. Chesterton. The author describes the economic freedom attached to private property and shows it as a condition necessary for maintaining basic human dignity. Then he presents two of the most common errors concerning perception and application of property – the limitation of its positive effects in capitalism and the futile attempt of its abolition in socialism.