What is not privately owned is public wealth. It’s everything that exists within the territorial boundaries of a country and the citizens have a legitimate claim to it. The question is this: who has the authority and the right to control it? Furthermore, when and how do the citizens of a country get access to their share of what wealth they collectively own?
I believe that the public must have direct access and control of the public wealth. There are two justifications for it. First is on moral grounds, and the second on economic efficiency considerations. Stealing is immoral. Preventing people from getting their share of the public wealth they collectively own is stealing, and therefore immoral.
Atanu Dey : Life is a Random Draw 
A bit more illustration with example please.
I assume coal-deposits in mines are public property. Is it currently under direct public control in India? If now, how can it be made so?
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Those coal deposits that are not privately owned are public property. The government of India “owns” them. But they are really not the owners. They are at best trustees; the actual owners are the people of India. But the government behaves as if it owns those assets. What’s worse is the people who are in control of the government come to believe that they are the owners of those assets.
There are many ways in which public property (public wealth) can be given back to the public. Stay tuned.
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Get rid of ALL public assets by privatizing them to highest bidders. Use the proceeds to retire public(government) debt. Declare bankruptcy if any debt is still left. Abolish all direct & in-direct taxes , establish a voluntary account where people can contribute for national defense purpose.
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