Which economic system is characterized by the common ownership of the means of production?

The economic system characterized by common ownership of the means of production is socialism. In socialism, the community or the state typically owns and manages resources and production, aiming for an equitable distribution of wealth and the welfare of all citizens. This system contrasts with capitalism, where private ownership and free market principles dominate, allowing businesses and individuals to own and control resources for profit.

Socialism prioritizes collective interest over individual profit, advocating for a system where everyone has equal access to goods, services, and opportunities. This can manifest through various forms, such as democratic socialism, where democratic political systems support social ownership, or more direct state control evident in certain authoritarian regimes.

Feudalism and mercantilism describe different historical contexts and systems that do not emphasize common ownership of production means. Feudalism is based on land ownership and obligations among lords and vassals, while mercantilism focuses on state control over trade and commerce to increase national power rather than common ownership of resources.