The term you are referring to is "communism." In a communist political system, all property and wealth are collectively owned, and there is an aim to establish a classless society where resources are distributed according to need rather than through market mechanisms. This theory is often associated with the works of Karl Marx and Friedrich Engels.
What is the term used to describe a classes political system, the political theory of system in which all property and wealth is owned in a classless society by all the members of the community?
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