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An insightful comparison of communism, capitalism, and socialism, three distinct ideologies that emerged during the industrial revolution. It highlights their key differences in areas such as ideology, economy, class, religion, welfare, and origins.
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The terms Communism, Capitalism and Socialism are ideologies distinct from one another. Although capitalism is clear-cut from the rest, the same cannot be said about communism and socialism. The two terms are used interchangeably, but they are not the same. The two factors that communism and socialism share are that they both arose as a form of protest against the exploitation of the working class during the age of industrial revolution (1760 -1840). The other being that they are both ideologically opposed to capitalism This article will further highlight the differences between Communism, Capitalism and Socialism. The difference between the Communism, Capitalism and Socialism is given below:
Differences between Capitalism, Socialism and Communism Differentiating Factors Capitalism Communism Socialism Ideology Maximisation of profit by any means necessary. It also believes in Laissez-Faire , a philosophy which emphasizes on leaving circumstance to run their natural course without any external intervention From each according to his ability, to each according to his needs From each according to his ability, to each according to his contribution Economy Planning In capitalist societies, the economy is planned as per the functioning of the free-markets The economy is planned by the Central Government The economy is planned by the central government Ownership of Economic Resources Private ownership of economic resources and property is actively encouraged with little to no government intervention All economic resources are publicly owned and controlled by the government. Individuals hold no personal property or assets. Individuals can own personal property but all industrial and production capacity is communally owned and managed by a democratically elected government. Class distinction There exists a distinct class whose standing in society is measured by the material wealth in their possession Class is abolished. The chances of one worker earning more than the other are nonexistent Classes exist but the differences between them are greatly reduced. It is possible for some people to earn more than others. Religion As per the ideology, it is indifferent towards religion, but bias thus exist towards religious groups who are well-off or as rich as another religious group Religion is effectively abolished Freedom of religion is allowed