Collective Ownership

Definition

Collective ownership refers to a system where resources, property, or means of production are owned and controlled by a group or community rather than individuals.

Related terms

Communism: A political ideology that advocates for collective ownership of resources and the absence of private property.

Cooperative: An organization or business where members work together to achieve common goals and share in the profits.

Socialism:

An economic system that combines elements of both private ownership and collective ownership, with an emphasis on social welfare.