Which ideology advocates for an economic system where property is commonly owned and wealth is distributed according to needs?

The ideology that advocates for an economic system where property is commonly owned and wealth is distributed according to needs is communism. In this system, the means of production are owned collectively, and the goal is to eliminate class distinctions to create a classless society where all individuals have equal access to resources and opportunities. Communism seeks to ensure that everyone has what they need to live, based on their individual needs rather than their contributions to the economy.

This approach stands in contrast to other economic systems, such as capitalism, where private ownership and individual wealth accumulation are emphasized; socialism, which often promotes collective ownership while still allowing for some elements of private property; and feudalism, an economic system characterized by land ownership and labor obligations, primarily during the medieval period. Communism's focus on communal ownership and the eradication of inequality sets it apart as the correct answer to this question.