The theory of ownership developed by Gunnar Heinsohn and Otto Steiger crucially distinguishes between ‘property’ – fostering modern credit/debt contracts in all their variety – and ‘possession’ – regulating the material reproduction of all societies. These two authors and their increasing number of followers have shed valuable light on the dynamics of capitalism, characterized as an economy strategically driven by property, but they have had little to say about the logic of possession. The present article intends to contribute to fill this gap. While each possession-based economic system has its own specific institutions and rationality, we argue that it is still possible to discern some overarching patterns that can be theorized. We discuss seven preliminary propositions that explain basic principles of possession-based economies: (1) under possession, work creates entitlement; (2) possession coexists with a community-based subsistence ethics; (3) the economic logic of possession centers on the family; (4) possession is embedded into larger sociocultural systems; (5) possession and biotic resources, when combined, have a good chance to be sustainable; (6) possession favors a multiple complementarity between resources and needs; and (7) the logics of possession and of property are prone to clash. Everywhere around the world, and often for more than a century, possession-based regimes are being transformed under the influence of property-driven economies. Yet sustainable and egalitarian alternatives to (property-led) capitalism are likely to be built on possession-oriented systems.