Question

Compare and contrast socialism, communism, and capitalism.

Answer 1

Socialism is a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole, communism is a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs and capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

Answer 2

                In my opinion, I think that the free enterprise, or capitalism, is better than socialism, otherwise known as communism. Capitalist motto is “Laissez-faire” which translates to “let it be free”. Capitalism was born from The Wealth of Nations which was written by a man named Adam Smith. While communism was born from the Communist Manifesto which was written by Karl Marx. Capitalism believes in equality in everything, while communism doesn’t believe in economic equality. The U.S. is thought of as a fortress of capitalism. Examples of capitalist countries are the U.S., U.K., and Hong Kong. The U.S.S.R. was an example of a communist nation. The capitalist economic system is by the people, for the people. In capitalism and in communism you get to make the choices of what job you have, what religion you believe in, who you marry, and what you look like. In capitalism, you also have industries that compete for consumers, and a market based economy with “entrepreneurial abilities”. In a socialist nation pay is evenly distributed, meaning everyone makes about the same amount of money, unlike in a free enterprise nation, everyone makes different amounts of money. And, the most major difference is a free enterprise system eventually evolves into a natural society. In my opinion, a capitalism is better than communism, because you have more freedom, and get more choices which I think ultimately leads to a better life.