Definition Of Communism Economy

An economic and social system envisioned by the nineteenth century german scholar karl marx see also marx.

Definition of communism economy. Communism is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism advocating instead for a classless system in which the means of production. In theory under communism all means of production are owned in common rather than by individuals see marxism and marxism leninism. Communist economic system synonyms communist economic system pronunciation communist economic system translation english dictionary definition of communist economic system. When it was first used in the mid 19th century communism referred to an economic and political theory that advocated the elimination of private property and the common sharing of all resources among a group of people.

1 although the government doesn t legally own the labor force the central planners tell the people where they should work. In this use it was often used interchangeably with the word socialism. Communism is an economic system where the group owns the factors of production. Communism political and economic doctrine that aims to replace private property and a profit based economy with public ownership and communal control of at least the major means of production e g mines mills and factories and the natural resources of a society.

Communist economy the managed economy of a communist state managed economy a non market economy in which government intervention is important in. Communism from latin communis common universal is a philosophical social political economic ideology and movement whose ultimate goal is the establishment of a communist society namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes money and the state. In countries the government represents the group. The most important originators of communist doctrine were karl marx and frederick engels.

In practice a single authoritarian party controls both the political and economic systems. A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all.