What is the difference between capitalism and communism

Nasdaq Futures 16, Russell Futures 2, Crude Oil Gold 1, Silver Vix CMC Crypto 1, FTSE 7, Nikkei 29, Read full article. Wayne Duggan. November 28, , PM. Recommended Stories. Motley Fool. Therefore, a clear understanding of the historical developments, meaning, political associations, and synonyms of these three words is essential in social studies.

Individuals and private businesses also their own make their own economic decisions, keeping the profits and accepting the losses. Individuals and private businesses own everything and make economic decisions free from government regulation, keeping the profits and accepting the losses without intervention.

Cynthia W. Resor is a social studies education professor and former middle and high school social studies teacher. Her dream job? Time-travel tour guide. But until she discovers the secret of time travel, she writes about the past in her blog, Primary Source Bazaar. Stay up to date. Follow Us. Photo: iStock by Getty Images Modern Day Implications Today, the historical words capitalism , socialism , and communism do not fully capture the economic systems of nations.

It offers free healthcare, education, and other services. Communism quickly mobilizes economic resources on a large scale, execute massive projects, and create industrial power. It moves effectively as it overrides individual self-interest and subjugates the welfare of the general population to achieve critical social goals.

Capitalism is not concerned about equity. It believes that inequality is essential to encourage economic development and innovation. Communism is concerned with redistributing resources equally among the rich and the poor. This ensures everyone has equal opportunities and in some forms of communism equal outcomes. Capitalism offers profit incentives encouraging firms to be more efficient. It cut costs and innovate new products to fulfill the needs of the people.

In this economic system, if firms fail to keep up, they will go out of business. However, this business failure allows resources to flow to new or more efficient areas of the economy. Communism offers state ownership which often leads to inefficiency as workers and managers lack real incentives to cut costs.

In Capitalism economy system, the government or state does not directly provide jobs. Thus, in times of recession, unemployment in the capitalist economy rises to very high levels.

In Communism, employment is often directed by the government or state. Who is Wolf Larsen? Wolf Larsen is a novelist, playwright, and poet who has traveled through over 50 countries.

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I was born in a communist country, Romania and I tell you, communism sucks. Capitalism is way better. It is not perfect, is evil, is corporatist, but is way better than communism. You have never lived in communism and never experienced it firsthand yourself.. You basically saw the world. LoL and you came back to a Evil Capitalist country.

What a moron, go move to Russia or any Fantastic Communist country. They love non Americans!!! Everyone is supposedly equal, so when one person gets a little bit ahead Stalin, Castro, Kim Jong-Il, Zedong , they assume complete control of the country.

Theoretically, Communism would create a perfect society, but certain people capitalists , always get ahead of the system and corrupt it, leaving the people starving and in poverty.

David was right. Dears, communism must have its place, the books, and stay there. Wishing an equal world is same wishing an ocean without any wave, a sky without any cloud, a mountain without any wind… The theory is valid, if, only, and only lonely, is used to help those who suffers to understand capitalism, and the holy individual free will.

Later is all about Ethics. Bull crap loaded… Communism is succks and Stupidity revealed at the best for those who attempt To practice and to stand for it. Communism is a fatally flawed plan. The Soviet Union collapsed under that system and the reason is simple.

Communism is counter to human nature. I think Pure Communism is the best regime but I think people in communism should be able to elect their own government. If they sit around and wait for someone who works to share his earnings with them, yes they may die. It is what I would call… obvious.

Communism is a system that takes over all means of production, Takes all the resources available, and only dictatorship Or slavery system you may take freedom away And their good will to produce something a bunch of stupid Communist bureaucrats believe in their narrow desks size mind What makes the whole world a better place. Communist countries are run by a fat lazy government body like in any other system. The virtue of capitalism is that It doesnt lie to its working class so badly like communists do.

I am south african and buzy with my law degree. I am a decendant of the first peoples of southern africa khoi san. The khoi san are stil hunter gatherers at this moment. Whenever some wild animal was hunted everyone in the community shares until there is nothing left and they do have a tribe leader that involces the whole tribe to partake in decision making, so everything belongs to everyone in that community.

Each man and woman live in one house hut so they only depend on the hunt and the gathering of food in the wild to survive. The point i am trying to make is that how can these peoples survive for thousands of years with out money, with a piece of goat skin on there body, no car, no electricity, no police, no jail, no cronic diseases and stil live in peace and harmony which sounds alot like the communist idea.

So the west and the east are economic systems by phylosophers who had selfish and greedy ideologies that are being used by almost every country in da world today. Thats why no economic system ever thought of wil work becuase its not human nature to be greedy and selfish.

Fair point. My thought however is that Economy is about managing limited resources in this planet and an economic system takes in considertation not only with what affects a single village in South Africa, which definetely raises good economic questions about its equilibrium with the rest of the system, but also the rest of the planet.

I am Brazilian, and there are cases of Indian villages wipped out by simple disease after having contact with other indian villages which were exposed to a virus transmitted by a mosquito, It is a disease caused by virus, a virus is also developing itself, and do not choose a host to survive, it just kill, in order to fulfill its genetics and make death natural need of evolution.

Human race survival struggle, is an ongoing process. Your villagers were not thinking in going to Mars, perhaps just enjoying bright stars in the night sky, which I like to do also as many others, but mankind is moving in that direction for survival reason..

If mankind will succeed and for how long is another story, just like that wipped out indian single village or like dinosaures. But again communism is an asphyxiante reality pushing same fate to all, good or bad.

Capitalism on the other side is apparent pretty the same, however delegate mankind fate to an unarguably wealth: individual rights, individual duties, and individual freedom, to collectively decide its fate. Do I make sense? It is my view…neutral but as everybody else, I try to get at the best I can, how we organise ourselves.

All I know for certain is a philosophical edict supporting a mine is mine and yours is mine ideology is green eggs without ham. And anyone who disagrees must be a millenial dog gambit! With all the chaos in the world right now I just wanna take a second to thank the one nation that will always remain stable in exquisite fashion.

God bless America, god bless capitalism. Honestly, I believe that communism is better. I mean, if you think about it, Kim Jong Um is really great, he can be a really good person at times, so therefore communism is successful. Capitalism is bad. No Capitalism , no competition, No competition, no progress, No progress, no change, No change, no life, Because change is life. Capitalism and Communism never go together??? It is obvious to me there is some missing understanding here.