USA HISTORY

Detailed explanation-1: -A socialist economy features social rather than private ownership of the means of production.

Detailed explanation-2: -This means of production is the physical and labor capital that is used to produce the different goods in society. In strict communist theory the “means of production” is collectively owned by the people in a community, to insure that all the people will get the products that they themselves desire.

Detailed explanation-3: -Communism is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed.

Detailed explanation-4: -Under communism, there is no such thing as private property. All property is communally owned, and each person receives a portion based on what they need.

Detailed explanation-5: -He believed all countries should become capitalist and develop that productive capacity, and then workers would naturally revolt, leading communism whereby the workers would become the dominant social class and collectively control the means of production.