It refers to the economic form of property in which the means of production are owned by private persons. “Private property, as the antithesis to social, collective property, exists only where the means of labor and the external conditions of labor belong to private individuals.” It is a product of development of the productive forces of society to a certain stage. It is both a basic hallmark of an exploitative society and, at the same time, a progress in human history compared to the previous primitive social property…
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