Social ownership of the means of production

Definition

Social ownership of the means of production is an economic system where the resources and tools used to produce goods and services are collectively owned by society rather than individual private owners. This concept emphasizes a shared control over production assets, aiming to distribute wealth more equally and address issues of poverty and environmental degradation.

Related terms

Communism: A political and economic ideology advocating for a classless society where all property is publicly owned, and each person works and is paid according to their abilities and needs.

Cooperative: An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs through a jointly-owned and democratically-controlled enterprise.

Economic Equality: The concept that seeks to achieve fairness in wealth distribution among the members of a society, reducing income inequality