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What are the differences between Capitalism vs. Communism?

How is Capitalism Different From Communism?

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What is Capitalism?

• It is considered as the exploitation of the individual.
• It creates a definite distinction between the rich and the poor in the community.
• It is a concept that is all about private property.
• Private individuals have the control over the means of production and the resources of the country.
• Thus, these individuals get to own all the profit that would be coming from the country’s resources.
• They are also the people who are responsible for dictating the price of the goods in the market.
• In a capitalist country, a person is fully accountable for his or her tasks. If one desires to climb up the corporate ladder, then he or she needs to persevere more in one’s profession.
• A capitalist nation has an economic system that is self regulated.
• The society or the state only comes next to individual freedom in a capitalist country.

What is Communism?

• It is a concept which doesn’t promote private ownership.
• The society and community have full control on the means of production and resources of the whole country.
• In a communist country, the profit from the resources of the nation is shared equally among its citizens.
• The rich and the poor don’t exist in a communist community because of the equal sharing of resources.
• A communist nation doesn’t have any society class at all.
• A communist country has an economy that is solely controlled by the state.
• The state or the society also has the say when it comes to the prices of the goods which can be found in the communist country.
• Jobs are equally shared in a communist country. However, the professional ability of an individual is also being looked into.
• Citizens only come next to the society in a communist nation.

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