Communism : What is meant by Communism ? Learn about Communism in detail, including its explanation, and significance in Economy on The Economic Times . Communism : Definition and Origins Communism is a political and economic ideology that aims to create a classless society where the means of production, such as land, factories, and resources, are owned and controlled by the community as a whole. The meaning of COMMUNISM is a doctrine based on revolutionary Marxian socialism and Marxism-Leninism. How to use communism in a sentence. Frequently Asked Questions About communism .