Communism

Definition

Communism is a political theory derived from Karl Marx advocating class war leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

Related terms

Marxism: The political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis for the theory and practice of communism.

Planned Economy: An economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a government agency.

Collective Ownership: The ownership of means of production by all members of a group for mutual benefit.