Anarchist communism (also known as anarcho-communism, free communism, libertarian communism, and communist anarchism) is a theory of anarchism which advocates the abolition of the state, capitalism, wages, and private property (while retaining respect for personal property), and in favor of common ownership of the means of production, direct democracy, and a horizontal network of voluntary associations and workers' councils with production and consumption based on the guiding principle: "from each according to his ability, to each according to his need".