Another benefit of private property, not so clearly economic, is that it diffuses power. When one entity, such as the government, owns all property, individuals have little protection from the will of the government. The institution of private property gives many individuals a place to call their own, a place where they are safe from depredation by others and by the state. This aspect of private property is captured by the axiom “A man’s home is his castle.” Private property is essential for privacy and for freedom of the press. Try to imagine “freedom of the press” in a country where the government owned all the presses and all the paper.
David Boaz (2015), The Libertarian Mind, 202.