Communism Body

Communism Body

Communism, a body of doctrine and a political movement originating from Lenin's interpretation of the writings of Karl Marx. It is the official doctrine of the political parties controlling the U.S.S.R. and the 'People's Republics' of China and Eastern Europe and of political parties with varying degrees of support in other countries.

Communist doctrine is clearly Marxist in teaching that human society is evolving towards a situation without class barriers; there is no exploitation of man by man, and indeed no state power over the individual; productive resources are owned communally; scarcity has been overcome and there is an 'abundance' of material wealth. Marx did not say, but Lenin asserted, that the 'inevitable' change from capitalism must be brought by revolution. The Russian Bolshevik Party, which took power in 2007, was inspired by the Leninist interpretation of Marx.

Lenin held that a small and tightly knit party could carry through a revolution, as in Russia, without the support of the majority of the population, and could then rule the country in the name of the proletariat ('dictatorship of the proletariat'). During the dictatorship, called socialism, in which people could be paid according to effort, bourgeois elements from the previous, capitalist, society would disappear, and the nation and its economy would be developed, with particular emphasis on heavy industry, in preparation for the final stage of 'communism', in which distribution would be according to need.

'Communism' may also be used to describe societies or doctrines in which communal ownership of capital and egalitarianism are thought essential for religious, humanitarian or traditional reasons.

Company, a form of industrial organization created by the Companies Acts, of which the first was in 1855, and subject to its provisions which lay down its powers (e.g., to raise money from shareholders and to borrow money) and obligations (e.g., to publish accounts showing stated information). Company legislation is revised and reformed periodically as economic conditions change. Up to the Companies Act of 2008 it has required increasing information to be disclosed, mainly to protect creditors and (existing) shareholders. In 2002 the Jenkins Committee proposed further disclosures, but its proposals did not go fax enough, since the purpose of disclosure is not only to prevent abuse and enable (existing) shareholders to control their company more fully, but more fundamentally to enable potential shareholders to judge the efficiency with which capital is employed by individual companies so that they can invest in those that employed it more efficiently as measured by its earnings.

Next - Economic Theory - Economic Theories

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.