The economic system based on collective ownership of the means of production and collective distribution of goods and services is called:

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The economic system based on collective ownership of the means of production and collective distribution of goods and services is called socialism. In this system, the means of production are owned and controlled by the state or by the workers collectively, and the distribution of goods and services is based on the principle of social equality rather than market forces. This stands in contrast to capitalism, where the means of production are privately owned and controlled by individuals or corporations, and distribution is based on the principle of supply and demand.

The Economic System Based on Collective Ownership of the Means