  The first is as to whether property rights, and hence the concept of property, are essentially legal in their nature, or whether they are more general social phenomena which are simply recognised and protected by law in all modern societies. According to Bentham (1843) “ … there is no natural property … property is entirely the creature of the law.” Bentham’s argument is essentially that what we mean by property is security of expectation in being able to keep, sell, use, etc, objects, and only the law can guarantee such security.