Definition Of Capitalism And Communism

The second being that these concepts are not always mutually exclusive.

Definition of capitalism and communism. Capitalism is based on the principle of individual rights whereas communism is based on the principle of community rights. A theory advocating elimination of private property. How to use communism in a sentence. The two have differing beliefs whether it is theory purpose government involvement or ownership.

Merriam webster dictionary capitalism vs communism definitions. The key difference between capitalism and communism lies in the fact that capitalism refers to the private individuals who own and control the industries while communism means the community controls the trade and industry of a country. Communism definition is a system in which goods are owned in common and are available to all as needed. Communism socialism capitalism and democracy a system in which goods are owned in common and are available to all as needed.

A type of government in which common ownage of the goods exists and they are available to all. The ideology was being put forward as being better than capitalism in many ways until the bubble burst and economies of the communist countries failed one after another. During the time communism was giving a stiff battle to capitalism as it was being practiced in soviet union and other eastern bloc countries it was hailed as the great alternative to capitalism. Capitalism and communism are two political and economic systems that completely contrast each other in different aspects.

Working class and capitalist class hence the degree of class distinction between rich and poor is very high. Defining capitalism communism fascism socialism caveat.