COMMUNIST ECONOMY Meaning and
Definition
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A communist economy refers to an economic system based on the principles of communism. It is a socio-economic system in which the means of production, such as factories, land, and capital, are collectively owned and controlled by the community or the state. In a communist economy, the objective is to eradicate social class distinctions and establish an egalitarian society where the distribution of resources is based on individual need, rather than through the market mechanism.
In such an economy, the state plays a central role in planning and allocating resources, deciding what is to be produced, and setting production quotas. There is no private ownership of resources, and the profit motive is replaced by a focus on meeting the needs of society. The central idea behind a communist economy is the principle of, "From each according to his ability, to each according to his need," whereby individuals contribute to society based on their skills and abilities, and are provided with goods and services according to their needs.
However, it is important to note that in practice, true communist economies have not yet been fully realized. Existing examples of systems that have described themselves as communist economies have often deviated from these principles, leading to concerns such as authoritarianism, lack of personal freedom, and failure to achieve economic efficiency.
Common Misspellings for COMMUNIST ECONOMY
- xommunist economy
- vommunist economy
- fommunist economy
- dommunist economy
- cimmunist economy
- ckmmunist economy
- clmmunist economy
- cpmmunist economy
- c0mmunist economy
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- cojmunist economy
- comnunist economy
- comkunist economy
- comjunist economy
- commynist economy
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Etymology of COMMUNIST ECONOMY
The term "communist economy" is derived from the word "communism". The word "communism" itself originates from the Latin word "communis", meaning "common" or "shared". In the late 18th century, the term emerged as a political and economic ideology, primarily associated with the works of Karl Marx and Friedrich Engels.
Marx and Engels envisioned a classless society where all resources and means of production are owned collectively, eliminating the concept of private property. In this context, they referred to the economic system as "communism". Over time, the term "communist economy" came to represent the economic system practiced in countries adhering to Marxist-Leninist principles, such as the Soviet Union, China, Cuba, and others.
Similar spelling words for COMMUNIST ECONOMY
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