An idealistic way of life based on the concept that everyone is equal. It probably was first used in early Christian communities, and was popularized by many famous thinkers, like Marx. Because of inherent "flaws" of human nature, communism remains an impossible utopian standard to this day.
It is sometimes used incorrectly to classify certain countries that are simply dictatorial or socialist, not communist.
I would rather live in a capitalist country than in a communist one.