Capitalism vs. Communism

Capitalismnoun

(politics) A socio-economic system based on private ownership of resources or capital.

Capitalismnoun

(economics) An economic system based on private ownership of the means of production and their operation for profit.

Capitalismnoun

A socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state.

Capitalismnoun

An economic system based on the abstraction of resources into the form of privately owned capital, with economic decisions made largely through the operation of a market unregulated by the state.

Capitalismnoun

An economic system based on predominantly private (individual or corporate) investment in and ownership of the means of production, distribution, and exchange of goods and wealth; contrasted with socialism or especially communism, in which the state has the predominant role in the economy.

Capitalismnoun

an economic system based on private ownership of capital

Capitalism

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.

Communismnoun

Any political ideology or philosophy advocating holding the production of resources collectively.

Communismnoun

Any political social system that implements a communist political philosophy.

Communismnoun

The international socialist society where classes, money, and the state no longer exist.

Communismnoun

A scheme of equalizing the social conditions of life; specifically, a scheme which contemplates the abolition of inequalities in the possession of property, as by distributing all wealth equally to all, or by holding all wealth in common for the equal use and advantage of all.

Communismnoun

a form of socialism that abolishes private ownership

Communismnoun

a political theory favoring collectivism in a classless society

Communism

Communism (from Latin communis, 'common, universal') is a philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes, money, and, in some cases, the state. As such, communism is a specific form of socialism.