What economic philosophy advocates for the abolition of private property and the establishment of a classless society?

The economic philosophy that advocates for the abolition of private property and the establishment of a classless society is Communism. This ideology, rooted in the works of Karl Marx and Friedrich Engels, envisions a society where the means of production are commonly owned, eliminating the distinctions between different social classes. In a communist system, the goal is to create a classless society where wealth and resources are distributed based on need rather than individual ownership or profit.

Communism posits that by abolishing private property, society can overcome the exploitation and inequalities that arise from capitalism, leading to a more equitable system where everyone contributes and benefits equally. This concept ties closely with Marx's critique of capitalism, which he argued inherently creates class struggle due to the division between those who own the means of production and those who do not.

Fascism, in contrast, is characterized by authoritarian ultranationalism and typically allows for private property within a controlled economy. Capitalism is an economic system that relies on private property and free markets, emphasizing individual rights and ownership. Socialism promotes collective or governmental ownership and administration of the means of production but does not necessarily advocate for a complete abolition of private property or a classless society to the extent that communism does.