" Capitalism vs Communism"

Both communism and capitalism are social, economical, philosophical ideologies that are used to define the world. They both carry different ideas and thoughts to run the system according to their principles. Both ideologies inspired various social and political movements since the 19th century. Countries have been run under different ideologies calling them capitalist, communist, or socialist. Countries run under their own ideologies making them either capitalist or communist.

1.Capitalism
Capitalism is a social and economic system based on private ownership to produce and trade the products as they want. Production of the source can include farmland, company, industries, etc and trading of products and making the profit is under a single individual. This system was originated from a feudal system in England. The system of government is democratic in this system. In this system trade and profit are controlled by private owners for their own profit rather than by the state. It motivates people to compete with each other fairly. A person who owns the property can do anything with that property under a Capitalism principle. The capitalist process of production of goods increases the productive capacity. This makes them easily accessible goods to everyone at cheap prices. So it increases the economic growth of any state or government rapidly.




      Characteristics:
      -Private Ownership
      -Wage Labour
      -Capital Generation
      -Competition
      

        Ideologies/Advantages:
        -People need freedom and have their right to do their own things.
        -When People compete with each other, they will achieve greater things.
        -The government should not interfere with the living of an individual.
        -people can be rich and poor depending on the abilities of their working.


        Consequences/Disadvantages:
        -Inequality in income.
        -Child labor.
        -Population increase and rapid urbanization.
        -Pollution.


2.Communism
Communism is also a social and ecomomic system that aims to build a communist society where means of production are owned by people, not by individual class /group. This ideology is originated from the ideas of Karl Marx and Friedrich Engels in 19th-century life. So he is also known as the Godfather of Communism. The system of government is totalitarian in this system. This ideology simply advocates the elimination of private property of the individual. The main difference between Capitalism and Communism is Capitalism says 'I or Me' whereas Communism says 'Us'.Property and products are distributed to everyone equally and make them common for everyone.





      Characteristics:
      -Classless and divisionless people and society.
      -No state or government.
      -No money-based economy.


      Ideologies/Advantages:
      -people need one another
      -When people work together instead of competing with each other they will achieve a greater set of goals.
      -The government should take care of each individual to make sure that everyone's need is met.
      -All people belong to the same class.No one is rich or poor.


      Consequences/Disadvantages:
      -No freedom of speech.
      -Productivity and efficiency are difficult to achieve without a profit motive.
      -The government owns all the properties and production.
      -Difficult to balance supply and demand without a price mechanism.

1 Comments

Post a comment

Previous Post Next Post