The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
[Sidenote: Law]
The legal theory is that property exists because the law says it shall.
This expresses a truth, but is no more than a truism. The law determines
the limits of property, but what determines the limits of the law? What
practical or social justification is there for passing and continuing
such law? The legal theory does not explain anything finally. Each of
these theories has its defects, but each points to some fact important
and significant, at certain times and places, in the explanation of this
widespread institution.
[Sidenote: Property in early societies]
3. _The institution of private property has evolved under diverse
conditions; the question of its origin is not the same as that of its
present justification._ In early societies individual property rights
were not very clearly marked. Every tribe asserted against other tribes,
and tried to uphold, by war, its claims upon its customary
hunting-grounds; but the claims of the individual hunter and fisher
within the tribe did not often come into conflict. Private property at
the outset was in personal possessions, ornaments, weapons, utensils,
which were very meager in that primitive society where it was the custom
"to go calling with a club instead of a card-case." Only later came
individual property in land. A few years ago it was generally believed
that the organization of the old German tribes was politically an almost
perfect democracy, and economically a communism wherein all had equal
claims on the land. To-day this opinion is very seriously questioned. It
seems probable that the so-called communism was really an oligarchy of
the favored, and that the masses lived in subjection, cut off from all
but a meager share in the public property.
[Sidenote: Origin vs. present justification of property]
However that may have been, strong forces within historic times have put
an end to the common ownership and tillage of land as it existed among
the serfs of Europe. The common tillage of land was shown by experience
to be wasteful. Not only did competition tend to bring the economic
agents into more efficient hands, but the movement was furthered by many
acts of injustice and violence on the part of those in power. Inquiries
into the origin and development of this social institution are
interesting and helpful in forming an estimate of its present
significance, but the problems of the past are not those of to-day.
Whether or not the ancient beginning of property in Europe was in
violence and evil has but a remote bearing on the question as to the
present working of it. Social conditions and needs have not changed more
than have the forms and limits of property itself. Each generation has
its own problems to solve, and each must test existing institutions by
their present results, ignoring for the most part the evils of the past.
[Sidenote: Social expediency the ground of private property]
[Sidenote: Shifting limits of the law of property]
Public-domain text, read in full here on John Shaqi.
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