The Peripatetics was a school of philosophy in Ancient Greece, founded by Aristotle. Peripatetic was the name given to Aristotle’s followers. The school originally derived its name Peripatos from the peripatoi (colonnades) of the Lyceum gymnasium in Athens where the members met. A similar Greek word peripatetikos refers to the act of walking. After Aristotle's death, a legend arose that he was a "peripatetic" lecturer - that he walked about as he taught - and the designation Peripatetikos came to replace the original Peripatos.
The school dates from around 335 BC. It was an informal institution whose members conducted philosophical and scientific inquiries. While the school eventually ceased functioning in the 3rd century AD, the study of Aristotle's works by Peripatetic scholars continued.
Aristotle was a firm advocate of private property. He argued that it is more highly productive than common property, and that private property is rooted in man's nature: his love of self, of money, and of property, are tied together in a natural love of exclusive ownership. While Aristotle was critical of money-making, he opposed any limitation on an individual's accumulation of private property.