Business, Legal & Accounting Glossary

Definition: Communism


Video Guide For Communism

Full Definition of Communism

Communism is a socio-economic structure of government practised in North Korea and Cuba. It is a political and economic philosophy, which believes in the common possession of the means of production and assets. Communism is the principle that advocates that there should be no proletariat in society. Communism attempts to eradicate several problems that are believed to be inborn with capitalist economies on the bequest of imperialism and autonomy.

In the 19th century, thoughts and theories of Communism were initially developed by Karl Marx and Friedrich Engels. Vladimir Lenin of Russia in the month of October in 1917 established a first government based on these principals. There are several principals of communism that were voiced by popular individuals. These views have contributed to a better understanding of the doctrines of communism.

Marxism is the philosophy of communism derived from thoughts of Karl Marx and Friedrich Engels. According to the followers of Marxism, the main element in human life belonging to a high class is isolation. In this case, communism is necessary to utilize full freedom. Marx’s argument on freedom was based on three major elements: agent, obstacle, and goal. An agent is referred to as common working class, obstacles are referred to as class divisions, false notions, unusual consequences, and economic inequalities and goal are denoted as the fulfilment of human needs. Followers of Marxism believed that communism permits people to enjoy freedom.

Marxism had a major influence on the thoughts of Leon Trotsky. His views and thoughts on communism were advocated in a theory named Trotskyism. They formulated a renowned theory known as “permanent revolution”. Ideas of communism were accepted by several leaders of nations. The Soviet Union under the leadership of Stalin had also witnessed a phase when full-fledged communism was practised. This version of communism was named as Stalinism. The socio-economy front of Soviet Union was brought to shape and also influenced several communist parties worldwide. An intensive program of industrialization and collectivization was initialized in order to build communism in the nation. A strong foundation of communism was build after the victory of the Soviet Union in the Second World War that also led to rapid and wide development of the industry.

Several other followers of Marxism evolved in the course of time. The major ones can be named as Maoism, Hoxhaism and Eurocommunism. There were several non-Marxist versions of communism like Anarcho-communism and Christian Communism.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Communism. Payroll & Accounting Heaven Ltd.
December 08, 2022
Chicago Manual of Style (CMS):
Communism. Payroll & Accounting Heaven Ltd. (accessed: December 08, 2022).
American Psychological Association (APA):
Communism. Retrieved December 08, 2022
, from website:

Definition Sources

Definitions for Communism are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd November, 2021 | 0 Views.