Question

Which economic principle closely relate to your own personal beliefs and why? Capitalism, Socialism, or Communism??

Answer 1

This depends on what you believe in.

Historically, examples of each can be found in certain area and history of places, including the US for capitalism, P.R.C. for socialism, and the USSR for Communism.

Capitalism: Capitalism is the belief that private citizens should own the means of production as well as distribution, and that the market is not limited in any great way. People are free to produce what they want with little to no boundaries in the areas. Services and goods are provided based on supply and demand, and customers are free to choose which company or government agency to obtain these services and goods from.

Socialism: Socialism can be seen as a "borderline" Communism, in which the means of production, distribution, and exchange is regulated by the community based on what is produced and what is consumed. Socialism does not limit what kind of products appear, however.

Communism: Communism is a step further than Socialism, in which there is a heavily control of the type and amount of a product being produced, as well as what type of products go to the consumers. Different areas may receive different types of products. Communism is also extreme, for it advocates for a classless society, but it fails to do so and instead creates a totalitarian state.

To choose what type of economic principle closely relates to your beliefs, ask yourself some questions:

1) Do you believe in state-regulation? If yes, how much, and what is your limit? The less you believe in it, the more Capitalistic your view. The more you believe it, the more you lean to Communism.

2) Do you believe in having the freedom in being able to choose what type of company's product to buy? If you like to have choice, lean towards the Capitalistic view. If you do not, lean towards Socialism/Communism.

3) Do you believe in the freedom to believe in what you want? Do you believe that everybody has the right to believe in what they want?

If you do, then you will lean towards Capitalism; the less you believe it, the more left you lean.

~

There are other questions you can ask yourself that would give you a general idea of what you like. You can also find information regarding each sides of beliefs mostly from political and historical sources. In the end, it depends on what you believe in.