Another thing I would like to add is that as much as I would like to, "private property" can never be absolute. I had a few friendly exchanges with some of my libertarian friends who argue that "private property" is sacred. While I do believe that in principle no other group of people should force individuals to give up their property, it is a principle that would be difficult to fully implement because of the simple fact that we live in a small planet with limited resources. The atmosphere is a communal property,so are the riches of the world's oceans. Suppose for example I am the shrewdest businessman on the planet and managed to own 70% of the world's grain output, in theory it is my property, should I be allowed to burn them all to ashes (assuming I figured out a way to burn it without polluting the atmosphere) since those are mine anyways? Capitalism brought the greatest explosion of wealth in human history because it "chose" those who can manage resources more effectively through the market system (instead of an appointed bureaucrat). Bill Gates will never consume $60B worth of grain and he can only wear 1 pair of shoes at a time. But because he took the chance countless millions benefited from his endeavor. I also don't mind wealthy people buying $5M diamond rings while "millions live on $2 a day", considering how many people were employed and paid to sell them that piece of rock with little practical use. But the "illusion" of absolute ownership is powerful enough for people to take chances. The trick now is trying to figure out when the rest of society can say to an individual that "you cannot do that!" when it comes to his property. I am not sure we'll ever figure that out.
