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 where all property is owned collectively, and there are no social classes based on production capabilities. In communism, resources and goods are distributed to each according to their needs, as opposed to their ability to contribute to society. Socialism and contemporary capitalism still allow for private ownership of property and social distinctions based on production capabilities. Laissez-faire capitalism emphasizes minimal government intervention in market economies, which is not applicable to the communism definition.

Which Term Do We Use to Refer to an Economic