COLLECTIVISM, a theory that society and industry should be based upon the collective, or national, ownership of land and capital, i.e., of the means of production, distribution and exchange. Under such a system, the private ownership of capital would be abolished, but private property in personal goods would remain. Thus, the cotton-mills would be owned collectively by the nation, and the products of the cotton mills would be dealt in collec tively by the nation, but the consumer who bought the collec tively produced cotton products would own them as his inalien able personal property. Collectivism is thus not the common ownership of wealth, but the common ownership of the means of producing wealth. For a full discussion of the points involved see SOCIALISM.