Economics Communism Questions
In a communist system, the role of money is significantly diminished or eliminated altogether. This is because communism aims to establish a classless society where the means of production are collectively owned and wealth is distributed based on need rather than monetary exchange. Instead of using money as a medium of exchange, communism promotes the idea of a planned economy, where resources are allocated and distributed by the state or a central authority. The focus is on meeting the basic needs of all individuals rather than accumulating wealth or engaging in market transactions.