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What is Communism?
Communism is an economic system whereby all means of production and output by members of a society are owned by the community and (generally) controlled by the Government.
Back to: GOVERNMENT, THE LEGAL SYSTEM, &ADMINISTRATIVE LAW
Back to:ECONOMIC ANALYSIS & MONETARY POLICY
Communism vs Capitalism
The Communist ideology is contrary to liberal democracy and capitalism that allows private ownership of means of production.
In a communist society, private ownership is non-existent, rather, there is communal ownership of all the means of production.
What are the Objectives of Communism?
Communism aims to achieve equality through the elimination of social classes, hence, individuals work towards collective and communal goal.
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