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An economic system is a system of production that deals with the distribution of goods and services within a society or a given geographic area. Two of the most popular economic systems that emerged in the last centuries, capitalism and communism, have been utilized throughout the world. Those with authority in different countries are generally allowed to choose what kind of economic system they would like for their people. In some countries, the people have a say in what kind of system should be used, but it is still a big issue in other countries where the people have no say. I believe this decision should be made selflessly and everyone should be able to have their input received in some way, shape, or form.
Capitalism is an economic system where private individuals own and control the trade and industry of the economy, to make a profit. Although there are rules, the government cannot interfere with your business. You have your own individual rights when it comes to what you own. It is a free and competitive market that belongs solely to the individual(s) that started it. With that being said, everyone has to work in order to make money for themselves. How much you get paid depends on where you decide to be employed. Businesses have the authority to choose how much their products cost, but demand and supply play a significant role in this decision. The pros of capitalism are owning property, accumulating wealth, free and competitive market, self-interest, and minimal government intervention. Capitalism affects companies, society, and individuals in an ongoing cycle. Companies are exploiting the working class through their products and/or services. Essentially, the workers are the producers and the buyers of these services. Everyone is on their own in this economic system.
Communism is a form of socialism, where the government owns and controls the means of production, resources, and property. Karl Marx, a German philosopher, was one of the main sociologist to spark this idea. Everyone in the society works for a common goal, but for the same amount of pay. Therefore, there is no class distinction, everyone is considered equal. Communism is intended to remove the gap between wealthy and poor and establish a middle ground in the economy. This system follows a repeated cycle as well. The government controls everything and earnings are distributed equally among everyone in society. It can not affect companies/ businesses because they are nonexistent.
Communism and Capitalism are both popular economic systems, that deal with trade, industry in the economy and property ownership. Both systems have pros and cons. In capitalism, the distribution of wealth is uneven, due to everyone making their own money. While the rich gets richer the poor become poorer. On the other hand, in communism, there is an equal distribution of wealth, but it does not allow individuals to have personal property. Communism attempts to eliminate capitalism in the economy, as it was introduced, as a response to injustices of capitalism.
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