What is Ownership?
Ownership refers to the state of having the ultimate and exclusive rights and control over a particular thing or property. It is determined or conferred through a lawful title or claim. Owners have certain restrictions to occupy, possess, enjoy, sell, rent, give away or in some cases, destroy a particular property or item. There are different things subject to this exclusive right of the lawful owner such as land or real estate, an object and even intellectual property.
Ownership may deliver multiple rights. It involves the collective or individual rights called as title. This concept has actually been around for thousands of years now and in different cultures. Although there are similar definitions and concepts of this term, it also has distinctive differences especially influenced by the kind of culture of the particular place. Some people or systems may have different concepts on how you could be eligible to own a property and how it should be regarded.
The word ownership has been used since time immemorial. In fact, it has become the basis of many ancient concepts which form the very foundation of systems such as money, trade, bankruptcy, debt and even criminality specifically theft. If you get something owned by another person, it is considered theft and this will be vindicated by the law. The word is also the building block and key foundation of how the capitalist socio-economic system came about.
Ownership could be processed and incurred through complex and different methods. You could own something through purchasing it with money, receiving it as a gift or trading it for another item or property. There are those who could own something through finding, making or stealing it. In other cases, it could be transferred or lose through selling or exchanging your item or property with money or another item.