Capitalism vs Communism

CAPITALISM VS COMMUNISM

Contents
1.Capitalism
    a. What is capitalism?
    b. Historical development of capitalism
    c. Features of capitalism
    d. Merits of capitalism
    e. Demerits of capitalism
2.Communism
    a. What is communism?
    b. Historical background of communism
    c.   Principels of communism
    d.   Advantages of communism
    e.   Disadvantages of communism
3.Comparision of capitalism and communism
4.Conclusion

CAPITALISM

a. What is capitalism?

Capitalism is now quite commonly used to describe the social system in which we live. It is also often assumed that it has exited, if not forever then for most of the human history. In fact capitalism is relatively new social system. We defined it as an economic system in which the means of production and distribution are privately owned and development is proportionate to the accumulation and reinvestment of profit gained in a free market. It is the system which how exists in all countries of the world.
There is no consensus about the definition of capitalism among the economists, political economists, and historians the definition which I find from the business dictionary.com is that “economic system based (to a varying degree) on private ownership of the factors of production (capital, land, and labor) employed in generation of profits. It is synonymous with free market system”. According to Minsky capitalism is not just the market economy, but it is also a financial economy. Minsky states that there are two sets of prices, first is the prices of current output, and second consist of the prices of assets. Capitalism is different from many other economic ideas by the fact that capitalism gives individuals freedoms with minimal government interference.
Economists usually put emphasis on the degree that government does not have control over markets (laissez faire) and on property rights while most political economists emphasize private property, power relations, wage... [continues]

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