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Communism Vs Capitalism

525 Words3 Pages

Capitalism, the major economic system in the world, is an ideology based on private property and accumulation of capital. In this system, private entities control the factors of production through corporations and businesses. The main idea behind this ideology, is that private property promotes economic growth and efficiency by stimulating competition and the development of better services. In addition to competition, the capitalist system relies heavily in the laws of supply and demand. The law of demand states that when demand for a certain product increases, price increases. When producers are able to supply more, they are able to increase even more the price in order to obtain a higher profit. In this economic system, the government plays a major role in preventing the formation of monopolies and in creating workers and environmental laws. For example, if a beef company begins acquiring most of its competitors, soon enough it will control the entire beef market. As a result, it can increase its price because people will have no other choice but to buy it. Therefore, it is the responsibility of the federal government to protect consumers from monopolies and thrusts. In regards to workers, by creating laws that …show more content…

The main idea behind the system is that it would solve the greatest problem of capitalism: The conflict between the worker class (proletariat) and the capitalist class. In this ideology, everyone would be equal and all goods would be available for everyone. However, Karl Marx envisioned communism, without government and private property, was never fully achieved. Instead, moderns communist countries have a strong authoritarian regime that tolerate no opposition to the system. Not only that, but economic and political communist countries such as Cuba, have shown no advancement in technology as Marx had

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