Under which theoretical system is there common ownership of all property and the means of production?

Under which theoretical system is there common ownership of all property and the means of production?

• A. Capitalism
• B. Liberalism
• C. Communism
• D. Democracy

Answer: (C)

Common ownership of all property and the means of production is a hallmark of communism. In this system, factories, land, and resources are owned by the community or the state on behalf of the people, and production is planned to meet everyone’s needs rather than to generate private profit. The aim is to replace private ownership of the means of production with collective ownership and centralized planning. This stands in contrast to capitalism, which centers on private property and market-driven decisions; liberalism emphasizes individual rights and private property within legal safeguards; and democracy is about how people govern themselves, not a specific economic ownership model. So, the description fits communism.

Common ownership of all property and the means of production is a hallmark of communism. In this system, factories, land, and resources are owned by the community or the state on behalf of the people, and production is planned to meet everyone’s needs rather than to generate private profit. The aim is to replace private ownership of the means of production with collective ownership and centralized planning. This stands in contrast to capitalism, which centers on private property and market-driven decisions; liberalism emphasizes individual rights and private property within legal safeguards; and democracy is about how people govern themselves, not a specific economic ownership model. So, the description fits communism.