Definition, Meaning & Synonyms

private-ownership

noun

/ˈpraɪvɪt ˈoʊnərʃɪp/

Definition

The state of possessing or controlling property, assets, or resources as an individual or a non-governmental entity, rather than as part of government or public control.

Examples

Private ownership of land can lead to better maintenance and development by the owner.
In a system of private ownership, businesses operate independently from government interference.
Private ownership encourages individuals to invest in their property and take pride in their possessions.