The Freeman 1972 - The Ludwig von Mises Institute

1972 OWNERSHIP: FREE BUT NOT CHEAP 407property, he is thereby preventedfrom gaining access to other goodsand services that his propertycould be exchanged for. If somethingcommands a price, it is notgratuitously possessed. Freeownership may command veryheavy costs. It is the right of free,exclusive control over propertywhich makes the economic burdeninescapable; the free market imposesresponsibility with everygrant of economic power.The farmer who does not wishto sell his land, whether for sentimentalreasons, or a fear ofchange, or a commitment to theideals of rural life, or just to keepold Charlie Drackett from gettinghis dirty hands on the bottomforty, is thereby compelled to payfor his use of that land. He has todefend his possession of exclusivecontrol, daily, in the market place.It is not his legal title that is inquestion; it is his economic abilityto defend it against others whothink they could use his propertyin order to better service theneeds of the public. He does nothave to defend it in the way hisgreat-grandfather did - shootingIndians or revenuers or Hatfieldsor McCoys - but by using it tosatisfy the incessant demands ofan unsentimental public. If he failsto do this, he suffers economiclosses. He may have to dip intohis life savings to keep his farmgoing. He may have to go deeperinto debt. Finally, if he continuesto fail to meet the public's demandsfor more food, cheaperfood, better quality food (or evenlower quality food, nutritionally,if that is what the public wants),his mortgage will be foreclosed.The bank will sell it, or the taxcollector will sell it, to the highestbidder. This highest bidder is amiddleman. He is acting on behalfof the public. He thinks he canuse the land and other capitalassets more efficiently than anyoneelse can. If he is wrong, theprocess will start over again.Private property is held in stewardshipfor the public.Title to property is not held by"the public." Titles are ~eld byindividual owners. But the marketcombines the myriad of discretedemands of many individuals andimposes costs on the possessors ofall desired economic resources. Noowner can resist the pressure ofmarket demand without bearingthese costs. Day after day, marketpressures force all owners to askthemselves, "What's it worth tome to hold onto this?" The publicresponds, through the market,"You'll have to meet our price ifyou want to keep it." Day afterday, all those who retain free titleto a particular piece of propertymeet this price. They pay in theforfeited opportunities that might