Economics Communism Questions
In communism, the role of entrepreneurship is significantly diminished or eliminated altogether. In a communist system, the means of production are owned and controlled by the state or the community as a whole. The central planning authority determines what goods and services are produced, how they are produced, and how they are distributed. Therefore, there is no room for private ownership or individual entrepreneurship. Instead, economic decisions are made collectively, with the aim of meeting the needs of the entire society rather than pursuing individual profit or wealth accumulation.