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.