What does it mean the right to freely dispose of their natural wealth and resources?

This view is constantly used in a capitalistic society (arguments) - it is a view that any person because of possession may use that possession or resource in any way they see fit, even if that is to the disparagement of another and profit by the holder.

For a period of time in the United States this view was outlawed by court rulings (see the Watershed cases), but it was quickly burred by those who wish to profit from this type of viewpoint.