Question

Discuss the differences between communism and capitalism. Be very specific and use examples.

Answer 1

Capitalism and communism are different in their political and economic ideologies. Capitalism focuses on individual progress whilst communism focuses on the growth of the community. Property is owned by the state under communism and for capitalism, it is privately owned. 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.