An alternative theory of property : public-private property

Abstract

Drastic inequality in wealth between the rich and poor, and intergenerational injustice are two major problems global societies are facing in the twenty-first century. It is undeniable that the accumulation of large amounts of private property and wealth amongst the rich minority is causing these problems. In this paper, I am concerned with how private property rights worsen distributive justice in a society. This thesis launches an inquiry into the libertarian notions and justifications for private property rights. In the second section of this paper, I will outline and critique Locke’s Labour Theory of Property as a justification for private property rights. In the third section of this paper, I will discuss Nozick’s Entitlement Theory. I will consider the claims on redistribution and the problem of drastic inequality of wealth in a society. In the fourth section of this paper, I will consider the issues central to both Locke’s and Nozick’s Theories of Property. Lastly, I will propose a Theory of Public-Private Property that sets out to not only counter the problem of intergenerational justice and drastic inequality in wealth between the rich and poor associated with the privatization of property, but also the state of neglect commonly associated with public property.