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Communism Vs Socialism

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Capitalism is an economic system in which the property resources are privately owned and markets and prices are used to direct and coordinate economic activities. This economy was influenced by the laissez-faire ideology where the proponents believed that government interference reduces human welfare. The argument for market economy is that the firms have the opportunity to determine how the resources are allocated. However, having government intervention at a very minimum could cause chaos and unequal distribution of the wealth.

Communism and socialism both operate under the command system, a method of organizing an economy in which property resources are publically owned and the government uses central economic planning to direct and coordinate

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