One of the attributes that distinguished the Nephite people was that “they had all things common among them” (4 Nephi 1:3). President Marion G. Romney described what this phrase means and how it worked:
“This procedure [the united order] preserved in every man the right of private ownership and management of his property. … Each man owned his portion, which, at his option, he could alienate, keep and operate, or otherwise treat as his own. …
“… He consecrated to the Church the surplus he produced above the needs and wants of his own family. This surplus went into a storehouse, from which stewardships were given to others, and from which the needs of the poor were supplied” (in Conference Report, Apr. 1977, 119; or Ensign, May 1977, 93).
President Romney also explained what leads a people to live in such a way: “When we reach the state of having the ‘pure love of Christ,’ our desire to serve one another will have grown to the point where we will be living fully the law of consecration. Living the law of consecration exalts the poor and humbles the rich. In the process, both are sanctified. The poor, released from the bondage and humiliating limitations of poverty, are enabled as free men to rise to their full potential, both temporally and spiritually. The rich, by consecration and the imparting of their surplus for the benefit of the poor, not by constraint, but willingly as an act of free will, evidence that charity for their fellowmen characterized by Mormon as ‘the pure love of Christ.’ (Moro. 7:47.) This will bring both the giver and receiver to the common ground on which the Spirit of God can meet them” (in Conference Report, Oct. 1981, 132–33; or Ensign, Nov. 1981, 93).
Elder Robert D. Hales of the Quorum of the Twelve Apostles explained how we are preparing to live the law of consecration: “The law of tithing prepares us to live the higher law of consecration—to dedicate and give all our time, talents, and resources to the work of the Lord. Until the day when we are required to live this higher law, we are commanded to live the law of the tithe, which is to freely give one-tenth of our income annually” (in Conference Report, Oct. 2002, 28; or Ensign, Nov. 2002, 27).