What are the similarities between capitalism and communism

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What are the similarities between capitalism and communism

Capitalism, socialism, and communism are three key concepts in social studies, with complex definitions and complicated histories. Explaining these concepts in the classroom is muddled even more by how these words are used in modern media. The meaning is often obscured by political

alliances and deliberate attempts to mislead. The words capitalism, socialism, and communism describe different economic systems. A simple and effective way to present these key concepts in the classroom is through the economic continuum illustrated by the chart below. Students are

much more likely to grasp the key differences if these concepts are first presented separate from political systems such as autocracy, theocracy, or democracy. Capitalism, socialism, and communism are also easier to understand and remember when the histories of the words are explored.

Photo: iStock by Getty Images Economic Terms Defined Capitalism and socialism first came into use in the 1830s. Capitalism described an economic system in which wealth (or capital, another word for wealth) was owned by individuals for their personal profit. The British policy of

government regulation of trade called mercantilism was being abandoned by the 1830s, and the free market (not the government) determined the production and distribution of goods. The word capitalism was a product of the changing economy of Great Britain during the Industrial

Revolution. The word socialism also began to be used in the 1830s, to describe a system different from capitalism. Socialism held that groups of people should own and regulate the economy for the benefit of all the members, not just a few. Early nineteenth-century socialists were often

disturbed by the economic and social changes caused by the Industrial Revolution. In the first half of the nineteenth century, socialist ideals inspired utopian communities such as the transcendentalists¡¯ Brook Farm, Robert Owen¡¯s New Harmony, and the Oneida Community. An even older

ideal of Christian socialism described in the Bible inspired religious socialist communities such as the Shakers, Rappites, Amana Colonies, and Hutterites. Even the term social studies alludes to how a community or wider society benefits from shared knowledge. Communism was first a

French word, coined in the 1840s, to describe a system of collective ownership in which individuals did not own private property and worked together for the benefit of all community members. This new French word described ideals similar to the English concept of socialism and derived

from the word common, meaning something is free or open to everyone. The word communism was adopted by Karl Marx and Frederick Engels in the 1850s to describe their ideology of opposing industrial capitalism. Marxist communism sought the overthrow of governments supporting a

capitalist economy. By 1918, communism was the ideology of Russia¡¯s Bolshevik Revolution and was associated with a single authoritarian political party. The combined economic and political ideology of modern communism was implemented in the Soviet Union (1922), the People's

Republic of China (1949), North Korea (1948), North Vietnam (1945), and Cuba (1965). Photo: iStock by Getty Images Modern Day Implications Today, the historical words capitalism, socialism, and communism do not fully capture the economic systems of nations. New words are also

used to describe economic systems: free market system; mixed economy; command economy. But these modern words can still lead to confusion because, in reality, modern nations are not purely free market capitalist or purely command/communist. In recent years, communist China and

Cuba have loosened economic restrictions and allowed free market activities. On the other hand, the United States regulates many aspects of its economy and owns and manages very ¡°socialist¡± enterprises such as public schools, public transportation, and public libraries. In other words,

communism, socialism, and capitalism are a continuum, with modern national economics falling somewhere in the middle, or mixed, zone. In American politics, those aligned to the right of the political spectrum are more likely to support free market policies, and those to the left are more

likely to support government intervention in the economy. Recent polls by the Pew Research Center demonstrate how the political alliances of Americans influence perceptions of these words. Ultimately, nations and citizens of nations must decide how much government regulation of the

economy is appropriate. Therefore, a clear understanding of the historical developments, meaning, political associations, and synonyms of these three words is essential in social studies. Communism Socialism Capitalism Government owns/regulates all aspects of the economy.

Government owns/regulates some parts of the economy for the benefit of the whole nation; and Individuals and private businesses also their own make their own economic decisions, keeping the profits and accepting the losses. Individuals and private businesses own everything and make

economic decisions free from government regulation, keeping the profits and accepting the losses without intervention. Also known as: Command Economy Also known as: Mixed economy Also known as: Free Market Economy or Free Enterprise Usually aligned to the political left Usually

aligned to the political right Active Classroom can aid your classroom with hundreds of activities about Economics Access a free trial and start engaging students today Cynthia W. Resor is a social studies education professor and former middle and high school social studies teacher. Her

dream job? Time-travel tour guide. But until she discovers the secret of time travel, she writes about the past in her blog, Primary Source Bazaar. Her three books on teaching social history themes feature essential questions and primary sources: Discovering Quacks, Utopias, and

Cemeteries: Modern Lessons from Historical Themes; Investigating Family, Food, and Housing Themes in Social Studies and Exploring Vacation and Etiquette Themes in Social Studies. 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. Summary 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. Custom Search Help us improve. Rate this post! (81 votes, average: 4.14 out of 5) Socialism and capitalism are the two main economic systems used in developed

countries today. The main difference between capitalism and socialism is the extent to which the government controls the economy. Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the

government to best meet the needs of the people. Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of ¡°supply and demand.¡± Socialism is most often criticized for its provision of

social services programs requiring high taxes that may decelerate economic growth. Capitalism is most often criticized for its tendency to allow income inequality and stratification of socio-economic classes. Socialist governments strive to eliminate economic inequality by tightly controlling

businesses and distributing wealth through programs that benefit the poor, such as free education and healthcare. Capitalism, on the other hand, holds that private enterprise utilizes economic resources more efficiently than the government and that society benefits when the distribution of

wealth is determined by a freely-operating market. Capitalism Socialism Ownership of Assets Means of production owned by private individuals Means of production owned by government or cooperatives Income Equality Income determined by free market forces Income equally

distributed according to need Consumer Prices Prices determined by supply and demand Prices set by the government Efficiency and Innovation Free market competition encourages efficiency and innovation Government-owned businesses have less incentive for efficiency and innovation

Healthcare Healthcare provided by private sector Healthcare provided free or subsidized by the government Taxation Limited taxes based on individual income High taxes necessary to pay for public services The United States is generally considered to be a capitalist country, while many

Scandinavian and Western European countries are considered socialist democracies. In reality, however, most developed countries¡ªincluding the U.S.¡ªemploy a mixture of socialist and capitalist programs. Capitalism is an economic system under which private individuals own and control

businesses, property, and capital¡ªthe ¡°means of production.¡± The volume of goods and services produced is based on a system of ¡°supply and demand,¡± which encourages businesses to manufacture quality products as efficiently and inexpensively as possible. In the purest form of

capitalism¡ªfree market or laissez-faire capitalism¡ªindividuals are unrestrained in participating in the economy. They decide where to invest their money, as well as what to produce and sell at what prices. True laissez-faire capitalism operates without government controls. In reality,

however, most capitalist countries employ some degree of government regulation of business and private investment. Capitalist systems make little or no effort to prevent income inequality. Theoretically, financial inequality encourages competition and innovation, which drive economic

growth. Under capitalism, the government does not employ the general workforce. As a result, unemployment can increase during economic downturns. Under capitalism, individuals contribute to the economy based on the needs of the market and are rewarded by the economy based on

their personal wealth. Socialism describes a variety of economic systems under which the means of production are owned equally by everyone in society. In some socialist economies, the democratically elected government owns and controls major businesses and industries. In other

socialist economies, production is controlled by worker cooperatives. In a few others, individual ownership of enterprise and property is allowed, but with high taxes and government control. The mantra of socialism is, ¡°From each according to his ability, to each according to his contribution.¡±

This means that each person in society gets a share of the economy¡¯s collective production¡ªgoods and wealth¡ªbased on how much they have contributed to generating it. Workers are paid their share of production after a percentage has been deducted to help pay for social programs that

serve ¡°the common good.¡± In contrast to capitalism, the main concern of socialism is the elimination of ¡°rich¡± and ¡°poor¡± socio-economic classes by ensuring an equal distribution of wealth among the people. To accomplish this, the socialist government controls the labor market, sometimes

to the extent of being the primary employer. This allows the government to ensure full employment even during economic downturns. The key arguments in the socialism vs. capitalism debate focus on socio-economic equality and the extent to which the government controls wealth and

production. Capitalists argue that private ownership of property (land, businesses, goods, and wealth) is essential to ensuring the natural right of people to control their own affairs. Capitalists believe that because private-sector enterprise uses resources more efficiently than government,

society is better off when the free market decides who profits and who does not. In addition, private ownership of property makes it possible for people to borrow and invest money, thus growing the economy. Socialists, on the other hand, believe that property should be owned by everyone.

They argue that capitalism¡¯s private ownership allows a relatively few wealthy people to acquire most of the property. The resulting income inequality leaves those less well off at the mercy of the rich. Socialists believe that since income inequality hurts the entire society, the government

should reduce it through programs that benefit the poor such as free education and healthcare and higher taxes on the wealthy. Under capitalism, consumer prices are determined by free market forces. Socialists argue that this can enable businesses that have become monopolies to

exploit their power by charging excessively higher prices than warranted by their production costs. In socialist economies, consumer prices are usually controlled by the government. Capitalists say this can lead to shortages and surpluses of essential products. Venezuela is often cited as

an example. According to Human Rights Watch, ¡°most Venezuelans go to bed hungry.¡± Hyperinflation and deteriorating health conditions under the socialist economic policies of President Nicol¨¢s Maduro have driven an estimated 3 million people to leave the country as food became a

political weapon. The profit incentive of capitalism¡¯s private ownership encourages businesses to be more efficient and innovative, enabling them to manufacture better products at lower costs. While businesses often fail under capitalism, these failures give rise to new, more efficient

businesses through a process known as ¡°creative destruction.¡± Socialists say that state ownership prevents business failures, prevents monopolies, and allows the government to control production to best meet the needs of the people. However, say capitalists, state ownership breeds

inefficiency and indifference as labor and management have no personal profit incentive. Socialists argue that governments have a moral responsibility to provide essential social services. They believe that universally needed services like healthcare, as a natural right, should be provided

free to everyone by the government. To this end, hospitals and clinics in socialist countries are often owned and controlled by the government. Capitalists contend that state, rather than private control, leads to inefficiency and lengthy delays in providing healthcare services. In addition, the

costs of providing healthcare and other social services force socialist governments to impose high progressive taxes while increasing government spending, both of which have a chilling effect on the economy. Today, there are few if any developed countries that are 100% capitalist or

socialist. Indeed, the economies of most countries combine elements of socialism and capitalism. In Norway, Sweden, and Denmark¡ªgenerally considered socialist¡ªthe government provides healthcare, education, and pensions. However, private ownership of property creates a degree of

income inequality. An average of 65% of each nation¡¯s wealth is held by only 10% of the people¡ªa characteristic of capitalism. The economies of Cuba, China, Vietnam, Russia, and North Korea incorporate characteristics of both socialism and communism. While countries such as Great

Britain, France, and Ireland have strong socialist parties, and their governments provide many social support programs, most businesses are privately owned, making them essentially capitalist. The United States, long considered the prototype of capitalism, isn¡¯t even ranked in the top 10

most capitalist countries, according to the conservative think tank Heritage Foundation. The U.S. drops in the Foundation¡¯s Index of Economic Freedom due to its level of government regulation of business and private investment. Indeed, the Preamble of the U.S. Constitution sets one the

nation¡¯s goals to be ¡°promote the general welfare.¡± In order to accomplish this, the United States employs certain socialist-like social safety net programs, such as Social Security, Medicare, food stamps, and housing assistance. ¡°Back to Basics: What is Capitalism?¡± International Monetary

Fund, June 2015, . Fulcher, James. ¡°Capitalism A Very Short Introduction.¡± Oxford, 2004, ISBN 978-0-19-280218-7. de Soto, Hernando. The Mystery of Capital.¡± International Monetary Fund, March, 2001, . Busky, Donald F. ¡°Democratic Socialism: A Global Survey.¡± Praeger, 2000, ISBN

978-0-275-96886-1. Nove, Alec. ¡°The Economics of Feasible Socialism Revisited.¡± Routledge, 1992, ISBN-10: 0044460155. Newport, Frank. ¡°The Meaning of ¡®Socialism¡¯ to Americans Today.¡± Gallup, October 2018), .

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