Capitalism
CapitalismCapitalism
A form of economic order characterized by private ownership of the means of
production and the freedom of private owners to use, buy and sell their property or
services on the market at voluntarily agreed prices and terms, with only minimal
interference with such transactions by the state or other authoritative third parties.
Communism
1.Any ideology based on the communal ownership of all property and a classless
social structure, with economic production and distribution to be directed and
regulated by means of an authoritative economic plan that supposedly embodies
the interests of the community as a whole. Karl Marx is today the most famous
early theoretician of communism, but he did not invent the term or the basic
social ideals, which he mostly borrowed and adapted from the less systematic
theories of earlier French utopian socialists — grafting these onto a philosophical
framework Marx derived from the German philosophers Hegel and Feuerbach,
while adding in a number of economic theories derived from his reinterpretation
of the writings of such early political economists such as Adam Smith, Thomas
Malthus, and David Ricardo. In most versions of the communist utopia,
everyone would be expected to co-operate enthusiastically in the process of
production, but the individual citizen’s equal rights of access to consumer goods
would be completely unaffected by his/her own individual contribution to
production — hence Karl Marx’s famous slogan “From each according to his
ability; to each according to his need.” The Marxian and other 19th century
communist utopias also were expected to dispense with such “relics of the past”
as trading, money, prices, wages, profits, interest, land-rent, calculations of profit
and loss, contracts, banking, insurance, lawsuits, etc. It was expected that such a
radical reordering of the economic sphere of life would also more...
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