Communism, Capitalism And Socialism Essay
Capitalist Economic System
Capitalism is an economic system that is based on the private ownership of capital goods, or the means of production, and the creation of goods and services for profit. Elements central to Capitalism include capital accumulation, competitive markets, and a price system.
There are multiple variants of capitalism, including laissez-faire, welfare capitalism and state capitalism. Capitalism is considered to have been applied in a variety of historical cases, varying in time, geography, politics, and culture. There is general agreement that capitalism became dominant in the Western world following the demise of feudalism. The term capitalism gradually spread throughout the Western world in the 19th and 20th centuries largely through the writings of Karl Marx.
There are a number of different elements in the capitalist socio-economic system. Capitalism is defined as a social and economic system where capital assets are mainly owned and controlled by private persons, where labor is purchased for money wages, capital gains accrue to private owners, and the price mechanism is utilized to allocate capital goods between uses. The extent to which the price mechanism is used, the degree of competitiveness, and government intervention in markets distinguish exact forms of capitalism.
Capitalism and capitalist economics is generally considered to be the opposite of socialism, which contrasts with all forms of capitalism in the following ways: social ownership of the means of production, where returns on the means of production accrue to society at large, and goods and services are produced directly for their utility (as opposed to being produced by profit-seeking...
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Communism vs Capitalism
Capitalism and communism are different in their political and economic ideologies. Capitalism and Communism never go together.
One of the major differences between capitalism and communism is with regard to the resources or the means of production.
In Communism, the community or society solely owns the resources or the means of production. On the other hand, in capitalism, the resources or the means of production lies with a private owner.
While the profit of any enterprise is equally shared by all the people in communism, the profit in a capitalist structure belong to the private owner only. While the private party controls the resources in capitalism, it is the society that controls the whole means of production in communism.
For Communists, the society is above individuals. But for capitalists, individual freedom is above the state or society. While capitalism is a self regulated economic system, communism is a government run economy. In capitalism, the individual has full control over production and decides on the price structure. Contrary to this, it is the society or the government that determines the price structure in communism.
Communism stands for equal sharing of work, according to the benefits and ability. But in capitalism, an individual is responsible for his works and if he wants to raise the ladder, he has to work hard.
While Communism stands for abolishing private property, Capitalism stands for private property.
Moreover, communism stands for a class less society, which doesn’t see any difference between the rich and the poor. On the other hand, capitalism divides the society into rich and poor. Capitalism can be said to be the exploitation of the individual. While every one is equal in communism, there is a great divide of the class in capitalism.
1.In Communism, the community or society solely owns the resources or the means of production. On the other hand, in capitalism, the resources or the means of production lies with a private owner.
2. While the profit of any enterprise is equally shared by all the people in communism, the profit in a capitalist structure belong to the private owner only.
3.While the private party controls the resources in capitalism, it is the society that controls the whole means of production in communism.
4. For Communists, the society is above individuals. But for capitalists, individual freedom is above the state or society.
5.While Communism stands for abolishing private property, Capitalism stands for private property.
Prabhat S. "Difference Between Communism and Capitalism." DifferenceBetween.net. May 19, 2011 < http://www.differencebetween.net/miscellaneous/difference-between-communism-and-capitalism/ >.