What Is a Communist Economic System?


Quick Answer

The Encyclopaedia Britannica states that communism is an economic system in which private ownership of property and profit-based capitalism are replaced by public ownership and communal control of a society's natural resources and its major means of production. The doctrine of communism is jointly economic and political.

Continue Reading
Related Videos

Full Answer

Communism bears a strong resemblance to socialism. The two are distinguished from one another mostly based on communist adherence to the revolutionary socialistic theories of the 19th-century German thinker and economist Karl Marx, co-author of "The Communist Manifesto." According to the Library of Economics and Liberty, the political practice and theory of Vladimir Lenin was essential to the divergence of socialism and communism.

Learn more about Types of Government

Related Questions