Comparing Communism and Capitalism in Economics
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Explanation:
Capitalism:
- The government is democratic in Capitalism
- The property is owned privately and they take own decisions.
- There will be free competition without any government interference
- The wealth is not distributed equally for the people.
- The profit is enjoyed by the private people.
- There is division of class like rich and poor people
- The private enterprise controls the resources.
- The government determines the prices in communism.
Communism:
- The society is more important than individuals in capitalism.
- The property is shared and people control the economy.
- The private enterprise is not allowed in communism.
- The wealth is distributed equally for the people
- The profit is shared by all the people.
- There is equality because there is no division of class.
- The society controls the production in communism.
What are the main differences between Communism and Capitalism in economics?
The main differences between Communism and Capitalism in economics are:
- Ownership: In Capitalism, property is owned privately, allowing individuals to make decisions, while in Communism, property is shared among the people and controlled collectively.
- Wealth Distribution: Capitalism results in unequal distribution of wealth, with profits enjoyed by private individuals, whereas Communism aims for equal wealth distribution and shared profits.
- Class Division: Capitalism often leads to a division of classes based on wealth, while Communism promotes equality and eliminates class distinctions.
- Government Role: In Capitalism, the government has a minimal role in the economy, allowing for free competition, while in Communism, the government controls production and pricing.
- Individual vs. Society: Capitalism focuses on individual interests, while Communism prioritizes the well-being of society as a whole.