Question

1. Explain cultural variations in the way property is viewed?

Answer 1

The role of property in the the society depends on the type of society. In a feudal society, property is owned by the ruling class and it signifies power and prestige. It also determines inter generational transfer of power. In a capitalistic society, property is seen as a byproduct of social mobility and hard work rather than being direct indicators of power. In an extremely socialistic world, property is commonly owned and signifies sharing of resources. In modern world, the ownership of property is more important in some countries than in others. For instance, in Asian countries, property ownership is seen as an indicator of social and economic security. In modern westernized world, the use of property is considered more important than its ownership. As societies become less feudal, the importance of property ownership declines and its utilization is seen to be more important.