How is capitalism better than communism?

Communism appeals to the higher ideal of altruism, while capitalism promotes selfishness. Capitalism naturally concentrates wealth and therefore, power in the hands of the people who own the means of production. So, it creates the rich elite who control wealth, resources and power.

What are the main ideas of capitalism and communism?

Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.

What are the two groups under capitalism?

Critics argue that, under capitalism, society is split into two groups: the capitalists, who own the means of production, such as factories or companies, and workers, who sell their labour to capitalists and keep the economy running. Capitalists make money based on the labour force of the workers.

What are the pros and cons of capitalism?

The primary benefit of Capitalism is that every individual has some level of control over their own fate in life. They can choose to own a business, work at a specific employer, work as a freelancer, or not work at all. Whatever dream they have, there is an opportunity to pursue it at some level.

What is the biggest problem with communism?

The biggest problem with communism is that it says every business exploits labor and make money. The value of commodity is not only dependent on manufacture cost+labor cost as suggested by Marx. Communists seriously need to learn a bit of economics. Perhaps Marx didn’t knew about demand and supply.

What are some examples of capitalism in everyday life?

Because the largest expense of most businesses is the labor needed to produce goods and services, the emphasis of Capitalism is to eliminate the need for workers instead of creating more needs for them. Self-checkout stands at restaurants and grocery stores is an example of this evolution.