In an economy with collective ownership of property under a central government, the government would own all the land, buildings, and other resources. The government would then use these resources to provide public services and goods, such as health care, education, transportation, and infrastructure. The government would also be responsible for setting prices, wages, and taxes, as well as regulating economic activity. It would also be responsible for redistributing wealth and income in order to promote equality and social justice. This type of economy could potentially create a more equitable society, as the government would be responsible for ensuring that everyone has access to basic needs and services.

Collective ownership

Ownership of means of production by all members of a group for their benefit
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Economic systems
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Collective ownership is the ownership of property by all members of a group. The breadth or narrowness of the group can range from a whole society to a set of coworkers in a particular enterprise (such as one collective farm). In the latter (narrower) sense the term is distinguished from common ownership and the commons, which implies open-access, the holding of assets in common, and the negation of ownership as such.

Collective ownership of the means of production is the defining characteristic of socialism, where “collective ownership” can refer to society-wide ownership or to cooperative ownership by an organization’s members. When contrasted with public ownership, “collective ownership” commonly refers to group ownership (such as a producer cooperative).

See also

References

By owner
By nature
Commons
Theory
Applications
Rights
Disposession/
redistribution
Scholars
(key work)

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