Communism, Capitalism, and Socialism

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Three different types of economic systems used by governments are Communism, Capitalism, and Socialism. Each type of system is unique in different ways. Each has distinct aspects that make it what it is. In communism, the government runs everything and there are no social classes. The government in capitalism doesn’t interfere with any businesses and lets the citizens own and operate them. Socialism is basically a mixture of the two economic systems. The government runs certain businesses, but citizens run the rest. The three economic systems are different in the way they run things and regulate things. Communism is an economic system developed by Karl Marx. Communism, also called Marxism, is an economic system used by a government that owns and operates all business. All the profits go to the government. Also, no individual person is allowed to own a business or even own property. Lastly, the cornerstone of communism is that there is a classless society. This means that there are no rich and no poor under communism. The strengths of communism are that no one has to worry about money and that there is the same standard for everyone. The weakness of communism is that it doesn’t focus on any individuals. The complete opposite of communism is the system of capitalism. Capitalism is almost the complete opposite of communism. It is the economic system that doesn’t permit any government interference. Under capitalism, all businesses are owned and operated by private citizens. The profit made by the business goes to the owner, instead of the government like in communism. Capitalism was created under the philosophy of Adam Smith. It is based on his economic principles of free competition, profit motive, and supply and demand. The strengths of capitalism are that anyone can own a business and people are able to do anything they want. The weakness is that the government may not interfere in businesses enough. Almost a combination of the...
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