The ideas of Aristotle have had a tremendous impact on social and economic
thought since thedays of the Lyceum. Aristotles greatest contribution is his
recognition of the vital importance of private property. Aristotle denounced the
communism of the ruling elite advocated by Plato. According to Aristotle, Platos
collectivist utopia runs counter to humanity multiplicity and the mutual advantage
gained through market exchange. Plato himself recognized the importance of the
division of labour. Plato has Socrates remark in The Republic that specialization
occurs because we are not all alike; there are many diversities of natures among us
which are adapted to different occupations.
Both the ruling class and the military class are forbidden to possess any private
property or any money. They must live, men and women like soldiers in barracks,
with common meals and sleeping quarters. Their food, clothing and equipment will
be provided by the producers. This food must be simple and restricted to moderate
quantities. They are too have no family life, in order to avoid any conflict between
family loyalties and their loyalty to the state.
i. Private property