Explanation

What is meant by "a system of society"?

The world is a "global village". Each region may have its own particular and distinct customs, but they are part of a greater system of society that is world-wide. This system of society is capitalism and every region and nation operates within this system of society in one way or another. Socialism is not a cooperative island in the middle of capitalism, but a global system of society that will replace capitalism.

"The means and instruments for producing and distributing wealth"?

This includes the forests, mines, and oceans from which natural wealth is extracted, the factories in which this natural wealth is processed, and the distribution of that wealth via transportation networks (such as roads and truck lines) and distribution centres (such as grocery and department stores). It does not include your personal belongings such as your toothbrush or clothing, or the family heirloom.

"Common Ownership"?

Common ownership means that society as a whole owns the means and instruments for distributing wealth. It also implies the democratic control of the means and instruments for producing and distributing wealth, for if everyone owns, then everyone must have equal right to control the means and instruments for producing and distributing wealth.

Common ownership is not state ownership. State ownership is merely the ownership by the capitalist class as a whole, instead of by individual capitalists, and the government then runs the state enterprises to serve the capitalist class. In the self-proclaimed "communist" states the state enterprises serve those who control the party/state apparatus. The working class does not own or control. It produces for a privileged minority.

The establishment of a system of society based upon the common ownership and democratic control of the means and instruments for producing and distributing wealth by and in the interest of the whole community.