Question

What are the characteristics of capitalism and communism?​

Answer 1

Answer and Explanation:

Capitalism:

• based on individual rights
• economic system where trade and industry is owned privately by individuals to make money
• promotes differences within individuals based on their "class"
• countries with Capitalism usually have a Democracy
• individuals can freely choose their job
• profit/wages depend on an individual's willingness to put in work/effort
• Example: USA, Canada

Communism:

• based on community rights
• economic system where trade and industry is controlled by the entire community, money is shared based on an individual's abilities/needs
• promotes egalitarianism
• countries with Communism usually support Totalitarianism
• the state determines an individual's job/employment
• states provides all resources; businesses are owned by the state
• Example: (formerly) Soviet Union and (formerly) China during the Cultural Revolution

Have a lovely rest of your day/night, and good luck with your assignments! ♡

 ~ ren