communism

communism definition - business

communism

An economic system in which property is under collective ownership and labor is organized for the benefit of all members. In effect, the state plans and controls the economy.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.