Which economic system is characterized by collective ownership of the means of production?

The economic system characterized by collective ownership of the means of production is socialism. In a socialist system, the resources, industries, and means of production are owned and managed collectively, often by the state or the community as a whole. This contrasts with capitalism, where private ownership and individual profit motives dominate the economy, leading to competition and market-driven dynamics.

Socialism aims to reduce economic inequality and ensure that the benefits of production are shared among the population rather than concentrated in the hands of a few. It often involves a planned economy where the government makes decisions regarding the allocation of resources and production to meet public needs.

Other systems mentioned, such as feudalism and mercantilism, do not exemplify collective ownership. Feudalism is characterized by a land-based hierarchy and obligations between lords and vassals, while mercantilism focuses on trade and state control over the economy to accumulate wealth, rather than collective ownership of production. Thus, socialism is the correct answer as it explicitly embodies the principle of collective ownership.