ABSTRACT
The institution called property guards the troubled boundary between individual man and the state. It is not the only guardian; many other institutions, laws, and practices serve as well. But in a society that chiefly values material well-being, the power to control a particular portion of that well-being is the very foundation of individuality. The valuables dispensed by government take many forms, but they all share one characteristic. They are steadily taking the place of traditional forms of wealth — forms which are held as private property. This chapter begins with an examination of the nature of government largess. It reviews the system of law, substantive and procedural, that has emerged. The chapter examines some of the consequences, to the individual, to private interests, and to society. It considers the functions of property and their relationship to “the public interest.” The chapter turns to the future of individualism in the new society that is coming.
