Aristotle’s Theory of Property. Explained.
Aristotle’s theory of property is essentially a critical appraisal of Plato’s theory of communal ownership of property. While Plato considered property as a source of evil, Aristotle found it to be the source of virtue.
For Aristotle, property is desirable. There is an intimate link between the pursuit of bodily pleasures and a man’s ethical character. Material goods are necessary for leading a good and happy life.
In Politics, Aristotle criticised communal ownership as suggested by Plato in Republic. Aristotle demonstrated the superiority of private property over communal ownership in four core aspects: efficiency, unity, justice, and virtue.
Private Property is More Efficient
According to Aristotle, private ownership of property is more productive, efficient, and therefore leads to progress. People devote their greatest interest and care to their own property. Milton Friedman would later state, “You spend no money more carefully than your own, and spend no money more liberally than someone else’s.”
In contrast, communal ownership of Plato increases the likelihood of neglect since people will mainly consult their own self-interest and are likely to assume that someone else is taking care of the situation. It goes like everyone’s property is no one’s responsibility. Aristotle argued, “People pay most attention to what is their own; they care less for what is common.”
Private Property Brings Unity
For Plato, communal ownership is conducive to social peace and unity. Here, no one will be envious or try to grab the property of another.
Aristotle refuted the above argument by saying that communal ownership would lead to continuing and intense conflict. Each will complain that he has worked harder and obtained less than others who have done little and taken more from the common store.
According to Aristotle, those who own common property and share in its management are far more at variance with one another than those who have property separately. In owning things for ourselves, we avoid the constant strife that arises from compromise with others over the crucial aspects of our lives.
Private Property Ensures Justice
For Aristotle, justice constitutes being rewarded for what you are worth. This means that unequal abilities result in unequal rewards.
In a system of communal ownership as suggested by Plato, Aristotle argues, problems are bound to arise where some people work more than others yet receive the same reward.
Private Property Leads to Virtue
According to Aristotle, only private ownership of property furnishes people with the opportunity to act morally and practice the virtues of benevolence and philanthropy. Generosity and charity can only exist in a society which upholds private property.
Under communal ownership, Aristotle resents, no one can aid one another. Communal ownership of property stunts the virtues of generosity and charity.
ASSESSMENT OF ARISTOTLE’S THEORY OF PROPERTY
Aristotle was of the opinion that private property had existed always and everywhere. To impose communal ownership of property on society would be to disregard the wisdom of human experience and venture into the new and untried.
For Aristotle, private property provides a sense of motivation, achievement, and fulfilment. To deny these to an individual is to deny him chances of leading a virtuous life.
Aristotle was convinced that one’s property is not meant entirely for one’s use. He should be sharing a part of his wealth with the community. An individual is dependent on the society for leading a good life and hence should contribute to the society.
Aristotle criticised practices such as money-lending. The money-lender earns property not because of his labour but by exploiting the circumstances of the person in distress.
The emphasis of Aristotle’s theory of property is on having ‘just property’. He believed in having the right amount of wealth, emphasised on well-distributed wealth, and was against extreme inequality of wealth.
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