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Is there any inherent philosophical interest in the nature of a person’s relation to material resources? When someone says ‘X is mine’ and X is an action, we see interesting questions about intentionality, free-will, and responsibility, which philosophers will want to pursue. Or when someone says ‘X belongs to person P,’ and X is an event, memory, or experience, there are interesting questions about personal identity. But when X is an apple or a piece of land or an automobile, there does not appear to be any question of an inherentrelation between X and P which might arouse our interest.

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  • —Harold Demsetz , “Toward a Theory of property Rights”, The American Economic Review 57, p. 347.
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Society simply pledges itself to enforce the rights of exclusion that ownership involves wherever those rights happen to be. Any concern about the balance between rich and poor must be brought in as a separate matter of public policy . As we shall see, philosophers disagree as to whether this is an advantage or an indictment of private property systems.

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More generally, Friedman argues, a private property society offers those who own nothing a greater variety of ways in which they earn a living—a larger menu of masters, if you like—than they would be offered in a socialist society. In these ways, private property for some may make a positive contribution to freedom—or at least an enhancement of choice—for everyone. I said earlier that a consequentialist defense is in trouble unless it can show that everyone is better off under a private property system, or at least that no-one is worse off. Now, a society in which all citizens derive significant advantages from the privatization of the economy is perhaps not an impossible ideal. But in every existing private property system there is a class of people who own little or nothing and who are arguably much worse off under that system than they would be under a socialist alternative. A justificatory theory cannot ignore their predicament, if only because it is their predicament that poses the justificatory issue in the first place .