What economic system advocates for community ownership of production and distribution?

The economic system that advocates for community ownership of production and distribution is socialism. Socialism emphasizes that the means of production—factories, land, and resources—should be owned or regulated by the community as a whole, rather than by private individuals. This approach aims to reduce inequalities in wealth and ensure that the benefits of production are shared among all members of society. In socialist systems, the government often plays a significant role in regulating economic activity and is commonly involved in the planning and distribution of resources to promote social welfare and equity.

In contrast, capitalism is characterized by private ownership and the market-driven forces of supply and demand, which can lead to significant wealth disparities. Feudalism is a historical system where land ownership was tied to social status and loyalty, typically involving a hierarchy of lords and vassals, rather than community ownership. Mercantilism focuses on the economic theory that emphasizes the role of the state in managing international trade and accumulating wealth, typically for the benefit of a nation rather than the community. Therefore, socialism is the most accurate answer as it aligns with the principle of community ownership.