What are the Important Characteristics of Communism

Sat, 03/16/2013 - 07:34 -- Umar Farooq

Characteristics of Communist System

Following are the Characteristics of Communism

Abolition of Private Property

The first feature of the communist economic system is the abolition of the private ownership of means of production. In this system, an individual can own nothing except necessaries of life. No one can run private business.

Collective Ownership of Means of Production

In this system all means of production such as factories, farms, land, trade; construction, mines and means of transport and communication are under state ownership and control.

Central Planning

Utilization of national resources and production and distribution of consumer goods is done through comprehensive planning. In other words, the work of effecting a balance between demand and supply of goods is not left to the Mechanism of Prices. The forces of demand and supply are balanced by central planning.

Elimination of Unfair Gaps in Incomes

Each individual is paid compensation according to his need. This eliminates unfair gaps in incomes. The abolition of revenue, interest and private profit puts the system of distribution of wealth on a just and fair basis.

Provision of Necessaries of Life

In communist system, state is responsible to provide work and compensation according to the capabilities of every individual.