However private ownership of productive assets is the backbone of most societies, and it creates wealth, jobs, and higher standards of living. The ability for individuals or firms to own and invest in land, factories, tools, along with largely free trade gives rise to competition, efficiency, low prices, and widespread prosperity everywhere it has been tried.
By contrast, in Marxist, collectivist countries where private ownership has been abolished, history shows a pattern of shortages, quotas, forced labor, famine, repression, widespread suffering, and death.