After waging war against the abuses of property for most of his life, Proudhon concluded that it had qualities inherent in its nature of the greatest value. Above all, it was ‘liberal, federalist, decentralizing, republican, egalitarian, progressive, just’. In the supreme irony of his complex life, the man who had once boldly declared that ‘Property is Theft’ came to see private property as the greatest bastion against State tyranny.