- For Marxists property is a term with a specific meaning that excludes personal possessions. Property in Marxist terminology refers to the means of production, that is to say, the machinery, land, capital and so on required to engage in production. Property ownership is crucial in determining the relations of production and distribution, and different forms of property are the chief characterizing feature of different modes of production or stages of history. Private property or private ownership of the means of production is characteristic of capitalism and inimical to socialism.
Historical dictionary of Marxism. David Walker and Daniel Gray . 2014.