The term legal “property” encompasses “. . .anything that is owned by a person or entity”. Property is divided into the two types: “real property” comprising interests in land, real estate, growing plants or the improvements on it; and “personal property“ comprising everything else such as “intellectual property”. There are other subsidiary definitions of property, including “common property” (ownership by more than one person) and “public property” (ownership by a governmental body such as the federal, state, county, or city governments or their agencies). However, the principal distinction drawn in this article is between property that is owned by private persons or corporate entities, and that which is a “common” to humanity.
KeywordsLegislation Policy Subsidy Societal levers Property Rights Obligations Public benefits Private benefits
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