List 5 differences between capitalism and communism

1. In capitalism Property belongs to private owner but with communism the community or society solely owns the resources or the means of production.

2. While the private party controls the resources in capitalism, it is the society that controls the whole means of production in communism.

3. For Communists, the society is above individuals. But for capitalists, individual freedom is above the state or society.

4. While Communism stands for abolishing private property, Capitalism stands for private property.

5. In a capitalist economy, successes and failures (profits) of individuals and companies determine the allocation of resources. In a communist command economy, the government determines resource allocation. These decisions are typically made based on macro-economic and/or political considerations.

Explanation:

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