Differences between Communism, capatilism, socialism essay

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. An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state is called capitalism. On the other hand, a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole is known as the socialism.In capitalism, the individual’s right is the basic principal, whereas, in socialism, the equality among people is the basic principal. In capitalism, the maximum profits and incomes are for the investors or the individuals, whereas in socialism, the equal distribution of wealth among the people of the country.

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