ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Communism is an economic system where the group owns the factors of production. The factors of production are labor, entrepreneurship, capital, and land. 1 Although the government doesn’t legally own the labor force, the central planners tell the people where they should work.

Detailed explanation-2: -Communism is based on the goal of eliminating socioeconomic class struggles by creating a classless society in which everyone shares the benefits of labor and the state controls all property and wealth.

Detailed explanation-3: -Hence the “equality” in a communist society is not about total equality or equality of outcome, but about equal and free access to the articles of consumption. Marx argued that free access to consumption would enable individuals to overcome alienation.

Detailed explanation-4: -Communism is a classless social system with one form of public ownership of the means of production and with full social equality of all members of society.