Definition Of Communism In Economics

Communism was thought up because people thought that capitalism was unfair and favored the people in charge.

Definition of communism in economics. Economic and social system in which all or nearly all property and resources are collectively owned by a classless society and not by individual citizens. In theory under communism all means of production are owned in common rather than by individuals see marxism and marxism leninism. In countries the government represents the group. There is no government or private property or currency and the wealth is divided among citizens equally or according to individual need.

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. An economic and social system envisioned by the nineteenth century german scholar karl marx see also marx. Before the russian revolution of 1917 socialism and communism were synonyms. Communism is a political and economic system that seeks to create a classless society in which the major means of production such as mines and factories are owned and controlled by the public.

The means of production are labor entrepreneurship capital goods and natural resources. In practice a single authoritarian party controls both the political and economic systems. Both referred to economic systems in which the government owns the means of production. The two terms diverged in meaning largely as a result of the political theory and practice of vladimir lenin 1870 1924.

Communism is an economic system where the group owns the factors of production. The definition of communism is a theory or system of social organization based on the holding of all property in common actual ownership being ascribed to the community as a whole or to the state. A system in which goods are owned in common and are available to all as needed b.