Communism

Definition

Communism is an economic and political system in which the government owns all property and controls all aspects of life in a country, including businesses, with the aim of creating a classless society. In this system, wealth and resources are distributed among people based on their needs, rather than through market forces.

Related terms

Socialism:

An economic system where the government owns and operates major industries but may allow some private enterprise, focusing on distributing wealth more evenly than in capitalism.

Capitalism:

An economic system based on private ownership of the means of production and their operation for profit, characterized by competitive markets, wage labor, capital accumulation, and private property.

Classless Society: A society in which no social classes exist, and the state aims to equitably distribute wealth and resources among its citizens without hierarchical distinctions