Table of Contents
Why did socialists think that private ownership of the means of production was bad? They believed in caused extreme social inequality between the rich and the poor. The ideal society, to Marx, was a classless community where the proletarians controlled the means of production.
The Marxist definition of socialism is that of an economic transition. In this transition, the sole criterion for production is use-value (i.e. direct satisfaction of human needs, or economic demands), therefore the law of value no longer directs economic activity.
Who owns the means of production in communism?
Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.
Does communism allow private property?
Under communism, there is no such thing as private property. All property is communally owned, and each person receives a portion based on what they need. By contrast, under socialism, individuals can still own property.
Socialists had different visions of the future. Some believed in the idea of cooperatives. Other socialists felt that cooperatives could not be built on a wide scale only through individual initiative: they demanded that governments encourage cooperatives.
Private property thus is an important part of capitalization within the economy. Socialist economists are critical of private property as socialism aims to substitute private property in the means of production for social ownership or public property.
Does socialism allow private ownership?
Can you own land in China?
“There is no private ownership of land in China. One can only obtain rights to use land. A land lease of up to 70 years is usually granted for residential purposes. Property ownership for investment by foreign companies and individuals are prohibited.