Both capitalism and communism are economic philosophies that concern how surplus might be allocated in a particular society. From there on out, the two are quite different.
Capitalism is an economic philosophy that aims to foster the growth of individual economic pursuits. In a capitalist society, individuals are free to choose where to invest their money based on what they think is valuable, and the state protects this right. Unfortunately, this can result in great...
Both capitalism and communism are economic philosophies that concern how surplus might be allocated in a particular society. From there on out, the two are quite different.
Capitalism is an economic philosophy that aims to foster the growth of individual economic pursuits. In a capitalist society, individuals are free to choose where to invest their money based on what they think is valuable, and the state protects this right. Unfortunately, this can result in great economic disparities, especially when some people are systematically prevented from having equal opportunities to propose and develop their ideas as marketable.
In a communist society, the economy is controlled by the state. Ideally, the state is able to provide for all people so their needs are met. One of the drawbacks of communism is that it can inhibit a person's ability to propose and develop new ideas because everyone is held to the same standard. While all people are offered the same liberties and access to healthcare and education under communism, it also means that people who might have profitable ideas can't develop them. All surplus money in a communist society—that is, money that doesn't go to maintaining survival—goes right back into development of the state, rather than investing in individual business opportunities.
There are positive and negative implications of both philosophies, so I suppose you could say they have that in common, too!
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