I was thinking the other night, I can't believe we haven't discussed this. I even did a search.

Anyway, here goes.
I am not the biggest fan of capitalism. My friend called me a communist last night. I guess because I grew up during the part of the Cold War, the word communism has always had a negative connotation to me. But I kind of had to concede when he called me that, because I do agree with some of the basic principles of communism. So I wanted to ask my esteemed GC family what type of society you'd have if you could create it. You can use one that already exists, or mix and match or create a whole new one that doesn't exist. Have fun!
I'll include definitions since I know I'm not the only one who gets confused behind these type of things.
Communism
1. a. A theory which advocates a state of society in which there should be no private ownership, all property being vested in the community and labour organized for the common benefit of all members; the professed principle being that each should work according to his capacity, and receive according to his wants.
b. spec. A political doctrine or movement based on Marxism and later developed by Lenin, seeking the overthrow of capitalism through a proletarian revolution (proletarian: relating to or a member of the class of workers who do not possess capital or property and must sell their labor to live)
2. a. Applied to any practice which carries out this theory in whole or par t; e.g. that mentioned in Acts ii. 44 seq., as practised in the church of Jerusalem, or that prevailing in monastic communities. spec. The communistic social order established in Russia after the revolution of March 1917, and later in certain associated countries
b. Co-ownership of land.
3. Community of feeling; the spirit of a community. rare.
Marxism
The theory of government based on the ideals of Karl Marx and Frederick Engels in the book The Communist Manifesto written in the 1800's. Marxism advocates the "workers" (Proletariats and petite-bourgeoisie) rise up and overthrow businesses and government and take control themselves. Marxism advocates a classless society in which everything is shared and owned by all. In its true form it follows the mandates of a Direct Democracy in which the mob or general population rules and allocates resources based upon the will of the majority with equal consideration given to all without exclusions or privileges to any.
Socialism
A theory or system of social organization in which the means of production and distribution of goods are owned and controlled by groups or by the government.
Capitalism
An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decisions, and by prices, production, and the distrubtion of goods that are determined in a free market.