certain conditions.[2] Physical, possession of an object is not
necessarily ownership.

There are different kinds of ownership. It may be private, as that
of individuals, families, partnerships, or corporations; or it may be
public, as that of nations, states, counties, cities and towns, owning
such things as public buildings, parks, highways, the Adirondack
forest-reserve, or the Erie Canal. These two kinds are equally
effective as against the claims of outsiders, but the rights of those
inside the circle of ownership differ. For example, the rights of one
shareholder against another, or the rights of one member of a family
as against another, are not the same as the rights against outsiders.
Private property is the characteristic feature of our present
industrial society, but it exists side by side with public property
and with many intermediate grades between private and common property.

Tho property meant originally and essentially the intangible right to
a thing, the word came to be applied also to the object of the right.
This is done both in common speech and in judicial decisions, with
inevitable ambiguity. This may be readily seen by trying to substitute
the word ownership for property, a thing quite simple in some cases
but impossible in others. One would not point to a house and say,
"This is my ownership," but either, "This is my property," or "I
exercise ownership over it." It is well recognized that a man may have
a property right in this abstract sense in or over his own services,
as to practise a trade or in the "good will" of a business or in
an intangible patent or a copyright, quite as well as in a material
object.

§ 3. #Relation of wealth, property, and capital#. A failure to see