Question

After the communist victory in its civil war, china embraced an economy wherein private property and private ownership of capital were abolished. various forms of wealth were made subject to state control or to workers' councils. individual liberty was subordinated to general welfare. this is an example of:

Answer 1

All of the statements are examples of collective ownership in the socialist countries.
Collective ownership, at it's core, represents ownership of something, most commonly land and industrial assets, from all members of a group for the mutual benefit of all. This was implemented in most of the socialistic countries, but still the main and dominant owner was usually the government itself, while the people had shares in most of the industries and land.