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The social system in which property is owned by the community and people work for the common good is known as communism.
What is communism?
The word "communism" comes from the Latin communis, which means "common, universal," Sociopolitical, philosophical, and economic ideologies that are prevalent within the socialist movement and that seek to create a communist society, a socioeconomic structure based on shared ownership of the means of production, distribution, and exchange that distributes goods to every member of the community.
Communist societies also do not have private property, social classes, money, or the state. Communists frequently call for a free state of self-government, albeit they vary on how to achieve it. This reflects a distinction between a more vanguardist or communist party-driven approach through the development of a constitutional socialist state followed by the withering away of the state and a more libertarian approach through communization, revolutionary spontaneity, and workers' self-management.
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