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The article describes the nature and importance of the concept of private property. It traces back the logical necessity of the respect for property as a safeguard of both peace and prosperity. Then, it surveys arguments in favor of intellectual property that allegedly coincide with those of the tangible property. It shows, however, that after careful research into the origin of patents and copyrights many problems arise. The analysis shows that there are no parallels between private property in tangible goods and property in intangible goods (ownership of ideal objects). Intellectual ‘property’ fails in bringing about both peace and prosperity. The last part of the article suggests how a truly free market—a system that does not recognized intellectual property—might function. [ABSTRACT FROM AUTHOR]