WORLD HISTORY

Detailed explanation-1: -Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Detailed explanation-2: -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-3: -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-4: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.

Detailed explanation-5: -In a capitalist society, the bourgeoisie, or the capitalist class, is the class that owns the means of production and derives a passive income from their operation.