The economic and governmental system based on public ownership of the means of production and exchange is called

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Socialism is a system that advocates for collective ownership of the means of production and exchange, which means that the government or the people own and control the production and distribution of goods and services. It is a contrast to capitalism, which is based on private ownership of the means of production and exchange. Feudalism is a system of governance that existed in medieval Europe, and libertarianism is a political philosophy that advocates for individual freedom and minimal government interference. Democracy is a system of government that allows people to elect their leaders and representatives.

The Economic and Governmental System Based on Public Ownership of the Means