Which term do we use to refer to an economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce?

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Communism is an economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce. Socialism, on the other hand, allows for private ownership of property but with government regulation and control over certain industries. Laissez-faire capitalism is a system in which the government plays a minimal role in the economy, while contemporary capitalism refers to the current system in which some government intervention and regulation is present.

Which Term Do We Use to Refer to an Economic