Term of the Day communism Economic and social system in which all (or nearly all) property and resourcesare collectively owned by a classless society and not by individual citizens. Based on the 1848 publication 'Communist Manifesto' by two German political philosophers, Karl Marx (1818-1883) and his close associate Friedrich Engels (1820-1895), it envisaged common ownership of all land and capital and withering away of the coercive power of the state. In such a society, social relations were to be regulated on the fairest of all principles: from each according to his ability, to each according to his needs. Differences betweenmanual and intellectual labor and between rural and urban life were to disappear, opening up the way for unlimited development of human ... Learn more about this term Usage Example Throughout history many countries have tried communism, believing it is the best type of government since all resources are distributed equally among all citizens.

Friday Quiz Challenge Test your knowledge of this week's terms Question: Billions of dollars are sold, bought, and traded daily on these around the globe. Choose the Right Answer: (A) market (B) stockbroker (C) inventory (D) strategic plan

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