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Capitalism Vs Communism: Adam Smith Vs Karl Marx and Fredrich Engels
Capitalism Vs Communism: Adam Smith Vs Karl Marx and Fredrich Engels
Freedom of choice
No safety net.
PROS AND CONS OF
COMMUNISM:
Security measure
basic needs met everyone would have a job, house, health care, etc.
Lack of choice
no reward for being a better worker
DIFFERENCE BETWEEN CAPITALISM AND COMMUNISM
Capitalism Communism
working class and capitalist class there is no gap between rich and poor.
every individual has to work for himself to create wealth. wealth is distributed as per needs and ability.
profit of the enterprise is enjoyed by the owner only. profit of enterprise is distributed among all the people of the
economy.
THE COMMUNISM VS CAPITALISM
DEBATE
• Ownership
• Income Equality
• Consumer Prices
• Efficiency and innovation
• Healthcare
• Taxation
ANALYSIS
• Yes, I strongly recommend the middle point of capitalism and communism like mixed economy.
• Under this system there is freedom of economic activities and government interferences for the
social welfare.
• Both communism and capitalism are a form of social organization, that is associated with trade and
industry in the economy and discusses the ownership of property.
• As every coin has two aspects, a good and a bad, so as with the case of communism and capitalism. In
capitalism, the distribution of wealth is uneven, due to which rich get richer while the poor become
poorer. On the other hand, in communism, there is an equal distribution of wealth, but it does not allow
individuals to have personal property.