Difference Between Communism, Capitalism and Socialism
WHAT: The terms Communism, Capitalism and Socialism are ideologies distinct from one another. Communism and Socialism arose as a form of protest against the exploitation of the working class during the age of the industrial revolution (1760 -1840). They are both an alternative to capitalism. COMMUNISM CAPITALISM SOCIALISM No Private ownership Total Private ownership Limited Private ownership Central Government Market Forces Government and Private Entities No Class distinction Class distinction Limited class distinction Production for basic needs Production for profit Production for societal needs Karl Marx Adam Smith Charles Fourier Differences between Capitalism, Communism and Socialism Differentiating Factors Capitalism Communism Socialism Ideology Maximization o...