The creation of the systems by which countries are governed capitalism socialism and communism

It also led to the spread of colonialismslaveryand imperialism. This argument ignores that Scandinavian countries are small and homogeneous, with traditions of community rule.

Capitalism In a capitalist economy, property and businesses are owned and controlled by individuals. InScottish economist Adam Smith published his treatise, An Inquiry into the Nature and Causes of the Wealth of Nationswhich is regarded as the bedrock upon which modern capitalism stands.

People tend to believe that without government policies, the merciless chase of profit would bring back the ruthless exploitation of the weak and unprivileged. They had their Communist Party of the Soviet Union, but the longer they were in power, the less they talked about transition to communism.

Under a socialist system, everyone works for wealth that is in turn distributed to everyone. As the business gets larger, the owners may hire managers who may or may not have any ownership stake in the firm.

communism vs capitalism

International Socialist Organization Should working people run things for the good of the majority? Nor do they believe that all private property should be eliminated.

Meanwhile, the countries in the non-Marxist—Leninist category represent a wide variety of different interpretations of the word "Socialism"; in many cases the countries do not define what they mean by it.

socialism vs communism

The inefficiency of these economies played a large part in the collapse of the Soviet Union inand the remaining communist countries excepting North Korea are now allowing greater economic competition while holding fast to one-party rule.

The millennials Salon spoke to expect to see a grand societal shift in their lifetime, either toward socialism — a political and economic system in which the means of production are collectively and equally owned by everyone — or toward a sort of dystopian Mad Max nightmare in which resources have dwindled, rich plutocrats own everything, and ordinary people need to band together in small, autonomous communities to survive.

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What “Capitalism” Is and How It Affects People