Personal Property Versus The Means of Production
In general, personal property is almost an extension of one's person and does include property from which one has the right to exclude others. Personal property is different to private property, however, in that it refers to things that are personal: objects with which one has a personal connection, making them important to one person while potentially worthless to the next. These objects can range from CDs to houses, depending on one's perspective, but definitions tend to include personal items such as clothing, books, food, or records.
From the socialist perspective, private property refers to capital or means of production that is owned by a business or few individuals and operated for their profit. Personal property refers to tangible items and possessions individuals own, as mentioned above. Socialism does not advocate the abolition of personal property, believing that it is an acceptable form of ownership of an item, unlike private property.
From the Marxist perspective, which is very similar to the socialist perspective, private property is a social relationship, not (as with personal property) a relationship between person and thing. It also describes personal property, as above, as those objects which are personal, or an extension of one's self. The Marxist perspective also does not advocate the abolition of personal property: it believes that it is only private property that should be done away with.
In capitalism there is little distinction between personal and private property.
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Famous quotes containing the words personal, property, means and/or production:
“I believe that the highest virtue is to be happy, living in the greatest truth, not submitting to the falsehood of these personal times.”
—D.H. (David Herbert)
“I must feel pride in my friend’s accomplishments as if they were mine,—and a property in his virtues. I feel as warmly when he is praised, as the lover when he hears applause of his engaged maiden.”
—Ralph Waldo Emerson (1803–1882)
“The lesson of value which money teaches, which the Author of the Universe has taken so much pains to teach us, we are inclined to skip altogether. As for the means of living, it is wonderful how indifferent men of all classes are about it, even reformers, so called,—whether they inherit, or earn, or steal it.”
—Henry David Thoreau (1817–1862)
“... this dream that men shall cease to waste strength in competition and shall come to pool their powers of production is coming to pass all over the earth.”
—Jane Addams (1860–1935)