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Explian the difference between communism, capitalism and socialism?
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Answer Posted / Shaili Pandey
Communism is an economic ideology advocating for a classless, stateless society where all property is publicly owned. In a communist system, the means of production are collectively controlled by the community or the state. Capitalism is an economic system characterized by private or corporate ownership of capital goods, freedom to buy and sell any item or service, and profits motivated by competition. Socialism is a economic system where the means of production are owned and controlled by the community as a whole, but there can be various forms of socialism ranging from democratic to authoritarian.
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