Collective Ownership
Definition
Collective ownership refers to a system where resources, property, or means of production are owned and controlled by a group or community rather than individuals.
Analogy
Imagine you and your friends starting a band together. Instead of one person owning all the instruments and making all the decisions, everyone in the band collectively owns the instruments and has an equal say in how they are used.
Related terms
Communism: A political ideology that advocates for collective ownership of resources and the absence of private property.
Cooperative: An organization or business where members work together to achieve common goals and share in the profits.
Socialism: An economic system that combines elements of both private ownership and collective ownership, with an emphasis on social welfare.
"Collective Ownership" appears in:
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