A form of socialism in which the means of production all land, mines, factories, railroads, and business would be owned by the people

Communism

Explanation:

Communism is a form of Socialism that was introduced by Karl Marx in his Communist Manifesto. In it, he talked about his belief that the means of production should be owned by the people through the government which would then manage it for the good of all.

Communism has not always met success in practice as shown by the dissolution of the Soviet Union and the Warsaw pact countries but it still exists today in countries like China and Cuba. These countries (especially China) found a way to incorporate certain capitalist ideas into Communism to make it more suitable for the population.

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