Communism (Economics)

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  • The theory of social organization that advocates the communal ownership of all property and that all basic economic resources be held in common. It first appeared in English in 1843 (from the French commun), preceded by the first use of the term communist in English in 1841 by Goodwyn Barmby in his London Communist Propaganda Society. Modern communism theory is grounded in the ideas of Karl Marx, who hoped to see a society where no socioeconomic differences exist between different types of labor or places of habitation, be it rural or urban. In practice, communist economic systems are composed of production facilities that are state owned, and production decisions are made by official policy as opposed to being directed by market action.

    Communism first emerged as ...

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