WORLD HISTORY

Detailed explanation-1: -As a result, Marx argues, a market in private property not only creates industry; it also creates the most oppressive class structure in history. When property is private, the owners do not have to think of their workers as people, not even as inferior people as the feudal aristocrats thought of the peasants.

Detailed explanation-2: -While socialism calls for collective or shared ownership of the means of production, it does not imply that there is no private ownership of personal property. Thus, corporations and factories would be shared among the members of society, but individuals and households would still own their own personal effects.

Detailed explanation-3: -Communist Philosophy on Property 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-4: -Communist countries, particularly Russia and China, decided on a centrally planned economy (aka command economy). The centrally planned economy had the following major attributes: The government owns all means of production, which is managed by employees of the state.