communism

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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 ?
Ann Johnson, who is from the centre, said: "Without the initial POCA funding YPOP would not have been in a position to facilitate the youth provision in 'The Commy' so it has been a vital lifeline for a much-used youth centre in an area were provision for young people has been decimated over the past five years.
Estionsenibh et nonsectet vent augue dio con eriure volore tat luptat volorem veril ut laorper susci er | SEQuam, commy nos nullam iustiscipit aut laor secte commy nonum ip eu feu feugiat dui et ad modigna facipsum zzrilis amcor ipsusci ncincillam, commy nos alis ad min ero dip exer ip eugue et alit ut irit in henisisi tat.
I know we're beholden to TV, Europe, the Commy Games but it just feels like some things should be sacred.
"Nooooooooo, Jakie is a commy," commented a netizen on Bloomberg.