What term describes an economic system where all property is shared equally among people under a strong central government?

The term that best describes an economic system where all property is shared equally among people under a strong central government is communism. In a communist system, the government typically has control over all means of production and distribution of goods, aiming to eliminate class distinctions by ensuring that wealth and resources are distributed equitably among all members of society. This characteristic of ownership and the absence of private property is a fundamental aspect of communism, which seeks to create a classless society.

In contrast, socialism can involve varying degrees of government control and may allow for some private ownership. Capitalism is based on private ownership of property and free market principles, allowing individuals to accumulate wealth and property without central government control. A market economy emphasizes the role of supply and demand in determining prices and production, often operating with little to no government intervention. Understanding these distinctions clarifies why communism is the most accurate term to describe this type of economic system.