Comparing Capitalism Socialism, Communism (bibliography in the description)

Difference of Economic System
1. Ownership
  1. communism
    1. No private owned, or totally public owned
  2. socialism
    1. social ownership
      1. partially private owned
  3. capitalism
    1. Private owned
2. Belief
  1. capitalism
    1. Competition
      1. the most deserving person will usually win
  2. socialism
    1. cooperation
      1. coexistence and cooperation between the rich and the poor
  3. communism
    1. equality and share
      1. totally eliminate, the gap between the rich and the poor
3. Wealth
  1. capitalism
    1. owned by private individuals
  2. socialism
    1. wealth and income shared more equally among people
  3. communism
    1. Property should be shared
4. Market and Price
  1. capitalism
    1. By supply and demand
  2. socialism
    1. Private enterprises are limited permitted
  3. communism
    1. people ultimately control the economy
5. government
  1. capitalism
    1. freely without interference from government or any other outside force
  2. socialism
    1. Deeply involved
      1. The government, they say, has a responsibility to redistribute wealth
  3. communism
    1. government should exercise the control
6. motivation
  1. capitalism
    1. highly motivated
  2. socialism
    1. rarely motivated
  3. communism
    1. almost not motivated
7. Pros
  1. socialism
    1. Society is more equal in terms of wealth and earnings
  2. communism
    1. equality
      1. Everyone Can Receive Health Care
      2. Education Is Easily Accessible
  3. capitalism
    1. better economic growth because of competition
8. Cons
  1. capitalism
    1. Few attain power, others are exploited
  2. socialism
    1. Hard work not rewarded,lack of innovation
  3. communism
    1. Lack of Motivation, Poverty Is Prevalent
Individual Discussion of Pros and Cons
1. communism
  1. PROS
    1. Everyone Can Receive Health Care
    2. Unemployment Rates Dramatically Decrease
    3. Education Is Easily Accessible
  2. CONS
    1. Businesses Are Limited
    2. Poverty Is Prevalent
    3. No Personal Freedom
2. capitalism
  1. PROS
    1. Freedom
      1. Economic freedomhelps political freedom
    2. Efficiency
      1. Firms produce goods in demand, cut costs and avoid waste.
    3. Economic growth
      1. It increases GDP and improved living standards
  2. CONS
    1. Monopoly power
      1. charge higher prices
    2. Monopsony power
      1. great inequality between the owners and the workers
    3. Social benefit ignored
    4. Inherited wealth and wealth inequality
    5. social division
      1. Inequality creates social division
    6. Diminishing marginal utility of wealth
    7. Boom and bust cycles
3. socialism
  1. PROS
    1. Society is more equal
    2. people have greater rights
    3. healthcare and education
      1. universal access to essential services
    4. more controlled economy
      1. less chance of the cycle of boom and bust
    5. poverty and homelessness can be reduced
  2. CONS
    1. More bureaucracy
    2. Higher taxes
      1. more waste and inefficiency
    3. A lack of innovation
    4. Economy is less dynamic
    5. more labor disputes
      1. high inflation

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Comparing Capitalism Socialism, Communism (bibliography in the description)

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	Created by Justin W over 7 years ago