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Introduction
Communism is referred to as the philosophical, political and economic system whose ultimate goal is to establish a communist society based upon the ideas regarding common ownership of means of production. Capitalism is stated as the economic system which is based on the operations of the production process of generating profit. Socialism refers to the political, economic and social philosophy which encompasses a wide range of economic systems being specified by social ownership which is against private ownership. Socialism positively affects the society by reducing the disparity in wealth, whereas capitalism affects negatively by creating inequalities that contribute to the failures in the market.
Communism: Definition
“Communism” is a political and social form of ideology that primarily targets the establishment of a communist environment in the Society. Karl Marx is the father of communism. It is a special kind of ideology that focuses on the socio-economic infrastructures in society. The primary goal of Communist ideology is the development of a classless society. It has the capability to remove the class division from society. As a result, the cultural conflicts in the society will get reduced. As a result, the productivity and growth of the society tend to improve. The different forms of Communism are “Marxism”, Leninist-oriented communism, and “Primitive communism”. The different forms of communism always focus on the betterment of society. Laos, Vietnam, follows communist ideology in their political structure.
Meaning Of capitalism and its importance on the society
“Capitalism” is an important aspect of political and economic ideology where the leaders take full control over the socio-economic structure of the society. The primary purpose of Capitalism is to make a profit. It does not rely on the classless society rather it depends on the class division for the betterment of the society. It has been observed that the countries that followed capitalism ideology for the growth of the country. The ideology of the capitalism divides the economic structure into four different segments. It has the capability to provide an efficient and dynamic allocation of the resources of a nation. As a result, the productivity of the nation improves, which enhances the overall growth of the nation. The prime disadvantage of this ideology is the improper distribution of the resources and income. As a result, a class-oriented society is formed. It has been observed that most of the developed countries such as Australia, Singapore, Malaysia, Canada, etc. follow the capitalism ideology. It has helped them greatly in achieving economic stability in society.
Definition of socialism
“Socialism” is an important aspect of political ideology that opposes the private ownership of social resources. It provides opposite ideologies of capitalism. It relies on the efficient distribution of the social and economic resources in society. As a result, the class division in society reduces. It provides the public ownership of the resources of a nation. The main feature of Socialist ideology is that it provides equal distribution of the incomes and healthy consumption of freedom. On the other hand, the main disadvantage of Socialism is the slow economic growth of the society.
Socialism and Socialist countries
The countries that follow Socialist ideology have a proper distribution of the resources maintained in the socio-economic infrastructure. It has been found that “The People’s Republic of China”, “Republic of Cuba” follow Socialist ideology. The Socialist ideology helps in developing economic sustainability in the society. On the other hand, it provides slow growth for the nation.
Conclusion
Socialism, capitalism and communism have an individual effect on society as well as various forms impact the welfare of the society. It concludes that diminishing the social belief in the economic system might affect the monopoly which has been maintained through the medieval period, as well as the increase in the tax rate, has also impacted the efficiency of the technologies being developed right from the mediaeval period. It finally concludes the operation system in the production process to obtain profit within the economic system.
