State the differences between capitalism and communism.

1.	State the differences between capitalism and communism.
Answer» Capitalism: An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. It the oldest and most common of all economic systems. The government of USA is an example of capitalism. Communism: Economic and social system in which all property and resources are collectively owned by a classless society and not by individual citizens. It is the political belief that all people are equal and that workers should control the means of producing things. The government of Cuba is an example of communism.

Answer»

Capitalism: An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. It the oldest and most common of all economic systems. The government of USA is an example of capitalism.

Communism: Economic and social system in which all property and resources are collectively owned by a classless society and not by individual citizens. It is the political belief that all people are equal and that workers should control the means of producing things. The government of Cuba is an example of communism.

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