what is communism in relation to the economy and a communist party such as the one...

what is communism in relation to the economy and a communist party such as the one in china?

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Expert Solution

Soln. Communism in economy aims to short out the problems created because of capitalism in the society. It is too prevent the private ownership of property and supports public ownership of property. Communism objective is to create a profit based economy by creating communal control on big and major means of production such as refineries, mills, mineral mines, dams etc.Communism is actually a form of socialism that is against the private ownership. Communism supports a society, in which distribution of goods and services depend on the individual's ability rather than based on any discrimination.

A communist is basically a political and legal party, that aims to achieve the social and economic goals of communism. Their approach is based on both revolutionary and government policy. Which approach to be followed depends upon the demand of the situation. It was communist party was originated by the ideas of Karl Marx and got popular in the year 1848.

Rahul Sunny answered 1 year ago

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