Communism.
It’s a word we hear tossed around constantly—but what does it actually mean? The true definition is more complex than the way it’s often used. Throughout history, many so-called “communist” countries drifted far from the original theory, becoming communist in name only.
In 20th-century America, especially during the Cold War, “communist” became synonymous with “enemy.” Today, the term is still used—sometimes incorrectly—as a label or insult aimed at the political far left.
But beyond the stereotypes and misunderstandings, what is communism? And how does it connect to economics?
Watch this video presentation to explore the real meaning behind the term and its place in economic theory.