Capitalism vs. Communism

            Capitalism is an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market. Communism is a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.

            Capitalism is a better economic decision because, capitalism allows people to privately own property, has the right to gain wealth and compete in a market. This promotes a growing economy where competing industries produce higher-quality products. Capitalism allows persons to make money based on the importance of their position in society. Capitalism persuades people to add to the economy, therefore gaining wealth for them and supporting wealth for others.

            Communism is a negative economic decision because, there is typically a lack of supply for anything you want to buy, the government has practically unrestricted power, and in most cases countries that has communism don’t have strong economies.

Compare and Contrast Marx and Smith

   Adam Smith and Karl Marx are both economic philosophers. Smith’s and Marx’s main interests were both economics, politics. They both base their guess on their interpretations of capitalism.
   Adam Smith was a Capitalist, and Karl Marx was a communist. Smith and Marx recognized the value of production. Smith was a Scottish moral philosopher and Marx was a German philosopher. Marx went to school for Marxism, communism, and Hegelianism and Smith went to school studied moral philosophy, and classical economics. Smith’s ideas were modern free market, division of labor, and the invisible hand and Marx ideas were surplus value, alienation and exploitation of the worker, the Communist Manifesto, Das Kapital, materialist conception of history.