Capitalism and communism are different in their political and economic ideologies.
1. In Communism, the community or society solely owns the resources or the means of production. On the other hand, in capitalism, the resources or the means of production lies with a private owner.
1. In Communism, the community or society solely owns the resources or the means of production. On the other hand, in capitalism, the resources or the means of production lies with a private owner.
2. While the profit of any enterprise is equally shared by all the people in communism, the profit in a capitalist structure belong to the private owner only.
3. While the private party controls the resources in capitalism, it is the society that controls the whole means of production in communism.
4. For Communists, the society is above individuals. But for capitalists, individual freedom is above the state or society.
5. While Communism stands for abolishing private property, Capitalism stands for private property.
6. Capitalists believe in a free market economy, while Communists believe in a command (government controlled) economy.
7 .Communism is a Base form of Government, meaning it can exist with or without any other form of government. Capitalism is a higher form of government that cannot exist on its own, meaning it must have a base form of government.
8. Capitalism- The self regulated market system. From now on you should refer to the self regulated market.
Communism- Strict government run economy. Price controls and strict control over production prevailed.
Communism- Strict government run economy. Price controls and strict control over production prevailed.
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