Question

Capitalism, Communism or Socialism? Then explain why

Answer 1

Capitalism-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.

Communism-Communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society.

Socialism- a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

Closely resembles socialism because socialism is public