What does communism mean in economics?

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.

What is an example of a communist economy?

Today, the existing communist states in the world are in China, Cuba, Laos and Vietnam. These communist states often do not claim to have achieved socialism or communism in their countries but to be building and working toward the establishment of socialism in their countries.

What is the origin of the word communism?

Word Origin and History for communism. Originally a theory of society; as name of a political system, 1850, a translation of German Kommunismus (itself from French), in Marx and Engels’ “Manifesto of the Communist Party.”. In some cases in early and mid-20c., a term of abuse implying anti-social criminality without regard to political theory.

How does communism work in the real world?

In theory, under communism, all means of production are owned in common, rather than by individuals (see Marxism and Marxism-Leninism). In practice, a single authoritarian party controls both the political and economic systems.

What kind of economic system does communism have?

An economic and social system envisioned by the nineteenth-century German scholar Karl Marx (see also Marx ). In theory, under communism, all means of production are owned in common, rather than by individuals ( see Marxism and Marxism-Leninism ). In practice, a single authoritarian party controls both the political and economic systems.

Who is the creator of communism?

History and Backround of Communism. Communism was an economic-political philosophy founded by Karl Marx and Friedrich Engels in the second half of the 19th century. Marx and Engels met in 1844, and discovered that they had similar principles. In 1848 they wrote and published “The Communist Manifesto.”.