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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebCommunist EconomyDescriptionA communist economy refers to an economic system characterized by shared ownership of resources and the absence of private property. In this system, the means of production are owned and controlled by the community as a whole, with the goal of achieving equality and eliminating social classes. Senses and UsagesSense 1 - Political and Philosophical ConceptIn a political and philosophical context, a communist economy advocates for the abolition of private property and the establishment of a classless society. This theory was famously developed by Karl Marx and Friedrich Engels in "The Communist Manifesto." Example Sentence:The ideas of a communist economy were influential during the 20th century, leading to the establishment of several communist states. Sense 2 - Economic SystemAs an economic system, a communist economy promotes state ownership and central planning, aiming to distribute resources based on needs rather than market forces. Examples of countries that have implemented this system include the former Soviet Union and China. Example Sentence:In a communist economy, the government controls the production and distribution of goods and services, with little to no involvement of private enterprises. Related ProductsTo learn more about the concept and history of communist economies, you can explore the following related products: | ||||
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