As Leon Trotsky long ago pointed out, where there is no private ownership individuals can be easily bent to the will of the state under threat of starvation or worse. Only ghosts can survive without property, human beings cannot.
Unlike other animals we cannot survive as we come into the world; in order to stay alive and to flourish we each need to produce and to keep the fruits of our production. If our minds are our means of survival – as Julian Simon used to say, our Ultimate Resource – then property is the result of applying the creative potential of our minds to reality in order to enhance our lives.
The need for a legal framework protecting property has been long ignored or taken for granted by economists and legal theorists of all stripes, but its importance is slowly being re- understood by contemporary thinkers. Tom Bethell’ s landmark book The Noblest Triumph: Property and Prosperity Through the Ages traces successes and disasters of history consequent upon the respective recognition or denial of property through the ages: Ireland’s potato famine, the desertification of the Sahara, and the near-disastrous US colonies at Jamestown and Plymouth can all be traced to lack of respect for property argues Bethell. He identifies four crucial blessings of property
that cannot easily be recognised in a society that lacks the secure, decentralised, private ownership of goods. These are: liberty, justice, peace and prosperity. The argument of [his] book is that private property is a necessary (but not sufficient) condition for these highly desirable social outcomes.