communism

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Related to Communist economic system: communist economy, Socialist Economic System

communism

a political and economic doctrine that advocates that the state should own all property and organize all the functions of PRODUCTION and EXCHANGE, including LABOUR. Karl MARX succinctly stated his idea of communism as ‘from each according to his ability, to each according to his needs’. Communism involves a CENTRALLY PLANNED ECONOMY where strategic decisions concerning production and distribution are taken by government as opposed to being determined by the PRICE SYSTEM, as in a market-based PRIVATE ENTERPRISE ECONOMY. China still organizes its economy along communist lines, but in recent years Russia and other former Soviet Union countries and various East European countries have moved away from communism to more market-based economies.
References in periodicals archive ?
President Jimmy Carter, authorities freed Cuba's most known political prisoner, Vladimiro Roca, after he served almost five years on charges of subversion for a document he authored criticizing the communist economic system.
The authors do admit that "manufactured goods often do not possess the technological sophistication of Western products" and even that "many Czechoslovakians saw the communist economic system as a complete failure.