Communism: economic model in which the means of production are owned collectively and the organization of labor is participated in by all for the common advantage of all.

In Marx, a free society constructed on the basis of collective ownership of need-satisfying natural and social  resources, possible only once class division between workers and capitalists has been overcome.

Source: What is Good? What is Bad? The Value of All Values across Time, Place and Theories’ by John McMurtry, Philosophy and World Problems, Volume I-III, UNESCO in partnership with Encyclopedia of Life Support Systems: Oxford, 2004-11.