The social class which owns the means of production and exploits hired labor. Means of Production: An all-embracing term that describes every non-human material factor involved in the process of socially useful production.īourgeoisie: The capitalist class the ruling class in capitalist society.
"Socialism" can also refer to an intermediate and transitional form of society between capitalism and communism featuring a Dictatorship of the Proletariat (sometimes referred to as "lower" or "the first phase of" communism). Social ownership can include common ownership, state ownership or collective ownership. Socialism: An umbrella term used to describe social ownership of the means of production. "Communism" can also describe the revolutionary movement to create such a society. ★ Definitions ★Ĭommunism: A term describing a stateless, classless, moneyless society with common ownership of the means of production. Star flair is awarded to reliable users who have good knowledge of Marxism and consistently post high quality answers.
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