This paper contends that the economy is, above all, an institutional fact, where concepts such as «private property» and «rights» are as central as «market», «price», and «equilibrium». I frst examine the historical dimensions of «private property», showing that its meaning predates capitalism and analyzing key refections by Plato, Aristotle, and Kant. This historical inquiry reveals overlooked aspects of the modern institution of property. Second, I address property more abstractly, emphasizing the conficts between criteria used to evaluate proprietary arrangements. I argue that no natural or purely technical standard exists to determine such arrangements apart from democratic deliberation. Finally, I explore liberal convictions concerning «private property» and its political signifcance, illustrated through historical images of its social efects. This suggests that the diferences between socialist (or socialist-inspired) critiques of capitalism and liberal egalitarian perspectives, while subtle, remain substantively important.