ABSTRACT

The socialist system of state ownership is a public ownership system in which both the means of production and the products are possessed by the proletarian state representing the whole laboring people. The socialist state ownership system established by the proletariat after the seizure of political power is the economic basis of the state under proletarian dictatorship. The socialist transformation of capitalist manufacturing and commercial enterprises in China was conducted through various forms of state capitalism. The replacement of capitalist private ownership by socialist state ownership represents a revolutionary leap in production relations. The socialist public ownership system demonstrates that the proletariat and the laboring people are the masters of the means of production. The acceleration of agricultural mechanization and the constant development of agricultural productive forces will strengthen the collective economy and thus promote the further consolidation and development of the collective ownership system.