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 ?
Noting that Afghanistan was passing through a difficult period, Spanta said that his country was not only on the phase of transition from war to peace but also from communist economy to liberal economy.
In an effort to lift the gloom they have vowed to ramp up levels of social security, promising to reinstate many of the benefits once central to China's communist economy but which have been lost over the last three decades of reforms.
China went from being a closed, centrally planned communist economy to a largely market-oriented open economy.
The real point is that the transformation of China from a Communist economy into a quasi-capitalistic system, which began 25 years ago, is beginning to hit stride.
His task was to redesign a legacy of their communist economy and refit it for his country's entry into the European Union.
Much of agriculture was state-owned under the former communist economy and decisions were centralized.