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Capitalism



A form of economic order characterized by private ownership of the means of

production and the freedom of private owners to use, buy and sell their property or

services on the market at voluntarily agreed prices and terms, with only minimal

interference with such transactions by the state or other authoritative third parties.

Communism

1.Any ideology based on the communal ownership of all property and a classless

social structure, with economic production and distribution to be directed and

regulated by means of an authoritative economic plan that supposedly embodies

the interests of the community as a whole. Karl Marx is today the most famous

early theoretician of communism, but he did not invent the term or the basic

social ideals, which he mostly borrowed and adapted from the less systematic

theories of earlier French utopian socialists -- grafting these onto a philosophical

framework Marx derived from the German philosophers Hegel and Feuerbach,

while adding in a number of economic theories derived from his reinterpretation

of the writings of such early political economists such as Adam Smith, Thomas

Malthus, and David Ricardo. In most versions of the communist utopia,

everyone would be expected to co-operate enthusiastically in the process of

production, but the individual citizen's equal rights of access to consumer goods

would be completely unaffected by his/her own individual contribution to

production -- hence Karl Marx's famous slogan "From each according to his

ability; to each according...