What political and economic ideology is based on shared ownership and the absence of social classes?

Communism is a political and economic ideology that advocates for the elimination of social classes and promotes the idea of shared ownership of the means of production. In a communist system, all property is publicly owned, and each person works and is paid according to their abilities and needs. This ideology envisions a classless society where wealth and resources are distributed equitably among all members, eliminating disparities that arise from capitalism and class-based systems.

The core principle of communism is that by abolishing private property and nationalizing resources, the economy can be managed in a way that serves the whole community rather than individual profit. This contrasts sharply with other ideologies, such as capitalism, which is based on private ownership and profit maximization. Socialism shares some similarities with communism, particularly in its focus on social ownership and democratic control of the means of production, but it typically allows for a variety of ownership forms and does not necessarily call for the complete absence of social classes. Anarchism, while also advocating for the absence of social hierarchies and government, does not inherently promote shared ownership in the same structured manner as communism does.