Which economic systems are based on public ownership of the means of production?

The answer is grounded in the definitions and principles of both communism and socialism, which emphasize public ownership of the means of production.

Communism advocates for a classless society where all property is publicly owned, meaning that the means of production—such as factories and land—are owned and controlled collectively by the community. In theory, this system eliminates private ownership, as everything is shared among the people to ensure equal distribution of resources and wealth.

Socialism, while it can exists in various forms, also centers around the idea that major industries and resources should be owned or regulated by the government or society as a whole in order to achieve economic equality and fairness. This ownership can range from complete state control to more cooperative forms where the community or workers manage enterprises collectively.

These economic systems contrast with other choices that include fascism, capitalism, feudalism, and mercantilism, which typically involve varying degrees of private ownership and do not prioritize public ownership as a foundational principle. For instance, capitalism is characterized by private ownership and the market's role in distributing resources, while fascism incorporates elements of state control but does not wholly embrace public ownership as communism and socialism do.