Abstract:

In modern economies property underlies all relations existing in society; it determines the nature of economic, social and political structures. Its importance is given by the fact that its institutionalization is constitutionally governed. Among the attributes of ownership right the most obvious is the right of possession over some components of wealth. Reference to the legal and legislative framework governing the property is thus required.

The way in which the property rights are exercised explains some of the socio-economic issues specific to various forms of political organization of nations. This is reflected by its institutionalism, reflecting the social and economic effects in a country.