Property is the ownership of physical goods or wealth, whether by private individuals, groups of people or the state; it provides a particular significance for conservatives. For traditional conservatives it can be justified on 3 main grounds- it provides security, a stake for people in society and can also be affiliated with an individuals’ personality.
Conservatives state that property has a range of both psychological and social advantages. Property has been seen as a source of security in an uncertain and unpredictable world – something to ‘fall back on’. Therefore property, whether this is the ownership of a house or savings in the bank, provides individuals with a source of protection. Conservatives consequently believe that thrift (the caution in the management of money) is a virtue and seeks to encourage private savings and investment in property.
Property ownership also promotes a range of important social values. Those who possess their own property are more likely to respect the property of others, which means that they will be law-abiding and support authority. Property hence gives people a ‘stake’ in society; they have an interest, in particular, in maintaining law and order. In this sense property helps promote conservative values, mainly respect for law, authority and maintaining social order.
As well as this, property can be regarded as an extension of an individual’s personality. People ‘realise’ themselves, even see themselves, in what they own. Possessions are not merely external objects, valued because they are useful, but also reflect something of the owner’s personality and character. This is why conservatives view burglary as a particularly unpleasant crime: victims suffer not only the loss of, or damage to, their possessions but also the sense that they have been personally violated. A home is the most personal of possessions, it is organised according to the tasted and needs of its owner and so reflects their personality. The proposal of traditional socialists that property should be ‘socialised’ (it is owned in common rather than privately) is considered to be most appalling to conservatives as it threatens to create a soulless society.
However, libertarian conservatives and supporters of the liberal New Right have embraced a liberal justification of property in that it reflects merit: those who work hard and possess talent will acquire wealth. Property is therefore said to be ‘earned’. This is important for conservatives that believe the accumulation of wealth acts a main economic incentive.