Final answer:
Eminent domain is the governmental right to take private property for public use, provided fair compensation is given. This right is established under the Fifth Amendment and has been both traditionally upheld and controversial, especially in cases like Kelo v. City of New London involving economic development.
Step-by-step explanation:
The right of a governmental body to take ownership of real estate for public use is referred to as eminent domain. This right is underpinned by the Takings Clause of the Fifth Amendment to the United States Constitution, which stipulates that the government can take private property for public use provided that two key criteria are met: the property owner is paid fair compensation and the property is used for the public good, such as for schools or new roads.
Eminent domain has been used traditionally for infrastructure projects like roads and utilities, but it has also been the center of controversy when used for economic development purposes. Cases like Kelo v. City of New London sparked public debate and legislative changes to limit the use of eminent domain for private economic development projects, reflecting the public's concern over the potential for abuse of this governmental power.