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".