Own nothing and be happy isn't an approach chosen, I think it is people simply being a victim of circumstance and unable to understand the concept of ownership.
Even corporations and many governments around the world are falling prey to "own nothing and be happy", with the sovereign assets such as power distribution infrastructure, water pipes, public transportation, and other amenities which are owned by the community (the tax payer, I guess) being sold off to other people.
So are governments happy that they own nothing? :D