No right is absolute, exclusive or inviolable. The right of personal property, similarly, has to be perceived in the larger context of its assumed legitimacy. The right of personal property should unite the principle of liberty with that of equality, and both with the principle of cooperation.

In the light of the argument in the above passage, which one of the following statements is the most convincing explanation?

The correct option is: The comprehensive idea of economic justice demands that the right of each person to acquisition of property has to be reconciled with that of others.

Step-by-step Explanation:
1. Analyze the Premise: The passage begins by stating that "No right is absolute, exclusive or inviolable." This establishes that all rights, including the right to personal property, are subject to limitations and must serve a broader social purpose rather than just individual interest.
2. Understand the Context of Property Rights: The author notes that the right to personal property must be "perceived in the larger context of its assumed legitimacy." This indicates that property ownership is not a standalone right but is valid only when viewed through the lens of social and economic justification.
3. Synthesize the Principles: The passage explicitly asserts that the right of personal property should unite three core principles:
- Liberty: The individual freedom to acquire and possess property.
- Equality: Ensuring that one person's ownership does not lead to extreme disparities or deprive others.
- Cooperation: Working together for the collective welfare.
4. Evaluate the Options: To unite liberty (individual acquisition) with equality and cooperation (social harmony), the property rights of one individual must be reconciled with the rights of others. This is precisely what is captured in the correct option, which explains that economic justice requires a balance between individual property acquisition and the collective well-being of society.