Comparison between Capitalism, Socialism and Communism
This is a concept that holds the belief that individuals should not own capital, industry or land but rather that such things should be collectively owned by the society. The system also upholds that work should be shared equally and so should fruits of labor.
This concept is similar to socialism in that capital, industry and land should not be controlled or owned by an individual. However, unlike in the case of socialism, the control of these things is not by the community but the government.
Under this system, the state/government has absolute control over everything that is produced and it also determines who received the services and goods provided. Under this kind of system, one cannot own their own car, home, furniture or even food. The state is the one that decides what people eat and where they will work. In actual sense, people have few if any rights.
Under this system, individuals control and own capital, industry and land. They are free to buy their own cars, furniture, homes or any other type of property. Anyone who gets an idea for a new invention or business is free to pursue it without any interference from the government.
Capitalism, socialism and communism systems all have political ramifications in societies that uphold them. While this is the case, capitalism and socialism are economic systems and none of them require any economic growth. This is because everyone can own a production that is privately owned without expanding the economy. Each is as a result of human creation.
There are pros and cons to all systems with some been far weightier than others. Socialism for instance requires that there should be equal opportunity and that property should be divided equally while capitalism upholds that individuals have the right to own property. When socialism is practiced, it implies that resources should be taken from those who have and redistributed so the society can be at equal grounds.
Socialists believe that capitalists steal money from the poor as such they should be forced to distribute it evenly. However, this is not the case because capitalists create wealth through hard work, good business decisions, investments and proper management of assets. It could be true that under capitalism, it is possible to find thieves and crooks but the same can also be found in communism and socialism.
Scholars argue that socialism and communism they kill the desire for innovation, work, competition and creativity which thrives in capitalism. Communism and socialism don’t offer incentives for people to work and they lead to creation of poor economies and the people continue to live in poverty. In communist communities, dictators tend to rise.
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