Private Property Is The Defining Characteristic Of Capitalism

928 Words Jul 2nd, 2015 4 Pages
Private property is the defining characteristic of capitalism. Marxism and Liberalism are significantly different political ideologies. For this reason, it is a surprising to discover, when comparing and contrasting these philosophies, Marx and Mill are able to agree on certain facets of private property. Both philosophies believe that private ownership of production and property creates an unstable but expanding economy. Simply put, they agree that private property creates a class who achieves concentrated wealth, and a working class that is burden with struggles. However, their opinions depart from one another on how they view the effects of private property on society. Mill conveys that private property is primarily a liberating and beneficial facet of society. Marx on the other hand, posits that private property is an evil that perpetuates capitalism and is a vital actor in insuring bourgeois dominance in property relations. Disagreement in the assessment of private property leads each political ideology to espouse different conclusions on the subject. Marx prophesizes that private property produces a revolutionary proletariat who overthrows the bourgeois capitalists and battles to cement shared property (communism) as the new economic form. Mill, strongly disagrees with theses premises. While he does admit flaws in the capitalist economic system he advocates that private property is vital to economic progress and therefore beneficial to society. According to Marx,…

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