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Why is Capitalism Better than Communism

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Capitalism, Socialism, Communism: Distinguishing Important Economic Concepts

Capitalism, socialism, and communism are three key concepts in social studies, with complex definitions and complicated histories. Explaining these concepts in the classroom is muddled even more by how these words are used in modern media. The meaning is often obscured by political alliances and deliberate attempts to mislead.

The words capitalism , socialism , and communism describe different economic systems. A simple and effective way to present these key concepts in the classroom is through the economic continuum illustrated by the chart below. Students are much more likely to grasp the key differences if these concepts are first presented separate from political systems such as autocracy, theocracy, or democracy.

Capitalism, socialism, and communism are also easier to understand and remember when the histories of the words are explored.

Photo: iStock by Getty Images

Economic Terms Defined

Capitalism and socialism first came into use in the 1830s. Capitalism described an economic system in which wealth (or capital , another word for wealth) was owned by individuals for their personal profit. The British policy of government regulation of trade called mercantilism was being abandoned by the 1830s, and the free market (not the government) determined the production and distribution of goods. The word capitalism was a product of the changing economy of Great Britain during the Industrial Revolution.

The word socialism also began to be used in the 1830s, to describe a system different from capitalism. Socialism held that groups of people should own and regulate the economy for the benefit of all the members, not just a few. Early nineteenth-century socialists were often disturbed by the economic and social changes caused by the Industrial Revolution. In the first half of the nineteenth century, socialist ideals inspired utopian communities such as the transcendentalists’ Brook Farm, Robert Owen’s New Harmony, and the Oneida Community. An even older ideal of Christian socialism described in the Bible inspired religious socialist communities such as the Shakers, Rappites, Amana Colonies, and Hutterites. Even the term social studies alludes to how a community or wider society benefits from shared knowledge.

Communism was first a French word, coined in the 1840s, to describe a system of collective ownership in which individuals did not own private property and worked together for the benefit of all community members. This new French word described ideals similar to the English concept of socialism and derived from the word common , meaning something is free or open to everyone.

The word communism was adopted by Karl Marx and Frederick Engels in the 1850s to describe their ideology of opposing industrial capitalism. Marxist communism sought the overthrow of governments supporting a capitalist economy. By 1918, communism was the ideology of Russia’s Bolshevik Revolution and was associated with a single authoritarian political party. The combined economic and political ideology of modern communism was implemented in the Soviet Union (1922), the People’s Republic of China (1949), North Korea (1948), North Vietnam (1945), and Cuba (1965).

Modern Day Implications

Today, the historical words capitalism , socialism , and communism do not fully capture the economic systems of nations. New words are also used to describe economic systems: free market system ; mixed economy ; command economy . But these modern words can still lead to confusion because, in reality, modern nations are not purely free market capitalist or purely command/communist. In recent years, communist China and Cuba have loosened economic restrictions and allowed free market activities. On the other hand, the United States regulates many aspects of its economy and owns and manages very “socialist” enterprises such as public schools, public transportation, and public libraries.

In other words, communism, socialism, and capitalism are a continuum, with modern national economics falling somewhere in the middle, or mixed, zone. In American politics, those aligned to the right of the political spectrum are more likely to support free market policies, and those to the left are more likely to support government intervention in the economy.  Recent polls by the Pew Research Center  demonstrate how the political alliances of Americans influence perceptions of these words.

Ultimately, nations and citizens of nations must decide how much government regulation of the economy is appropriate. Therefore, a clear understanding of the historical developments, meaning, political associations, and synonyms of these three words is essential in social studies.

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Cynthia W. Resor is a social studies education professor and former middle and high school social studies teacher. Her dream job? Time-travel tour guide. But until she discovers the secret of time travel, she writes about the past in her blog,  Primary Source Bazaar . Her three books on teaching social history themes feature essential questions and primary sources:  Discovering Quacks, Utopias, and Cemeteries: Modern Lessons from Historical Themes ;    Investigating Family, Food, and Housing Themes in Social Studies  and  Exploring Vacation and Etiquette Themes in Social Studies .

4 thoughts on “ Capitalism, Socialism, Communism: Distinguishing Important Economic Concepts ”

Thank you for this article. I greatly enjoyed reading it. I am going to look for books by Cynthia W Resor. I would like to learn more. I usually read about science and mathematics.

I am trying to recall an old saying that used a cow and her milk to show how each was distributed via 5 various “isms”. ie. a capitalist sells the milk, keeps the milk and the profit; a communist does’t own the cow, mills the cow and earns a wage. Can you help me? I think I first read it in the ‘70’s. I would like to pass it on to my friends and family. Thank you, Steve Chase. shchase@msn. com

Thank you for this very clear and concise explanation. I searched through many sites before landing on yours and finally found the answers I was looking for.

this was a great way to describe the difference between these 3 complicated words that were for me. thank you so much!

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Communism Versus Capitalism

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Marx K (1867) (Reprinted 1967) Capital, 3 vols. International Publishers, New York

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Marx K, Engels F (1848) (Reprinted 2002) The communist manifesto. Penguin, New York

Smith A (1776) (Reprinted 1971) An inquiry into the nature and causes of the wealth of nations. Cannan E (ed) Methuen, London

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Phillips, T.F. (2023). Communism Versus Capitalism. In: Poff, D.C., Michalos, A.C. (eds) Encyclopedia of Business and Professional Ethics. Springer, Cham. https://doi.org/10.1007/978-3-030-22767-8_232

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• Key Differences

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Difference Between Capitalism and Communism

On the other hand, Karl Marx , a famous Philosopher, and Sociologist, from Germany, initiated the idea of Communism, in his book The Communist Manifesto , as a response to Capitalism. These two political theories are in opposition to each other as in the former promotes private ownership, the latter stands against it. Take a full read of the article given below, to have a clear understanding of the differences between capitalism and communism.

Content: Capitalism Vs Communism

Comparison chart, definition of capitalism.

The term ‘capitalism’ implies an economic system that advocates private ownership of the means of production, distribution, and exchange, to earn profit. In this system, the determination of production and price of the goods and services are done by the market, i.e. the demand and supply forces play a significant role here.

The key features of capitalism are individual rights, private property, accumulation of wealth, market economy, free and competitive market, self-interest, minimal government intervention. In a capitalist economy, it is the owners who decide and invest, in the financial and capital market on the production inputs. The competition in the economy decided the price and distribution of merchandise in the economy.

Definition of Communism

A form of socialism, in which the means of production, resources, and property are owned and controlled by the egalitarian society, i.e. by the community equally is called Communism. It is based on the idea of shared ownership. The theory of communism was mainly sparked by the German philosophers cum sociologist Karl Marx and Friedrich Engels. The central principle behind communism is, the contribution and share of each would be based on his ability and needs.

In this political system, the government owns everything and all the individual works for a common goal. Therefore, class distinction does not exist, as all are considered equal. Communism aims at removing the gap between the wealthy and poor and establishing equality in the economy.

Key Differences Between Capitalism and Communism

The following points are noteworthy so far as the difference between capitalism and communism is concerned:

• An economic system in which the trade and industry of the economy are owned and controlled by private individuals to generate profit is called Capitalism. A social system in which a country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs, is called communism.
• Capitalism is based on the Principle of Individual Rights, whereas Communism is based on the Principle of Community Rights.
• Capitalism is in favor of class distinction, i.e. working class and capitalist class, hence the degree of class distinction between rich and poor is very high. On the contrary, communism opposes a division of society according to class, as it promotes a classless society, so, there is no gap between rich and poor.
• There is a democratic system of government in capitalism. As against this, a totalitarian government system exists in socialism. Totalitarianism is a form of government in which government owns and controls almost everything.
• Under capitalism, the government does not have much involvement. In contrast to communism, there is a high level of government intervention.
• In capitalism, every individual has to work for himself to create wealth. As opposed to this, in communism wealth is distributed as per needs and ability.
• The production inputs like land, labor, and capital are privately owned by the individuals and enterprises, while the means of production are held by the state, in the case of communism.
• In communism, more preference is given to society rather than an individual which is not in the case of capitalism, i.e. freedom of the individual is vital.
• In capitalism, fierce competition exists between the firms whereas in communism, as the market is controlled by the state, the competition is quite low.
• In communism, the profit earned by the enterprise is distributed among all the people of the economy. On the contrary, the profit of the enterprise, in capitalism, is enjoyed by the owner only.
• While capitalism can be found in western countries, socialism is more popular in eastern countries of the world.

Both communism and capitalism are a form of social organization, that is associated with trade and industry in the economy and discusses the ownership of property.

As every coin has two aspects, a good and a bad, so as with the case of communism and capitalism. In capitalism, the distribution of wealth is uneven, due to which the rich get richer while the poor become poorer. On the other hand, in communism, there is an equal distribution of wealth, but it does not allow individuals to have private property. Communism attempts to eliminate capitalism in the economy, as it was introduced, as a response to injustices of capitalism.

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September 11, 2017 at 6:05 am

This is a very clear explanation.

Umer Azib says

December 8, 2017 at 12:00 am

great explanation it help me for assignment in class thanks for uploading

April 15, 2018 at 2:16 am

Thank you so much, I have been struggling to understand the difference between the two and now i finally do, plus i have a presentation in class and i will definitely use this.

Alexander Braaahmilton says

June 27, 2019 at 5:33 pm

Thank you, keep us updated.

kumara says

July 12, 2019 at 2:08 pm

Diriga khalid says

July 22, 2019 at 11:06 am

Great info thanks a lot.

David Harris says

August 1, 2019 at 12:55 am

The US is a great Capitalist country. We have the greatest system in the world in my opinion.

Loved these explanations. This should be required reading for all US citizens (starting with junior high students). Our US Congress should have to memorize these differences and pass a test before they could run for any national office.

Mercy Omani (Ikediuba) says

October 6, 2019 at 10:33 am

Very Helpful. Thank you so much.

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June 9, 2022 at 7:18 am

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Haseeb Khattak says

August 17, 2022 at 1:45 am

Tomorrow I have a presentation on these two topics Capitalism Vs Communism, it’s too much helpful. Thank you so much

Syed Zaini says

December 21, 2022 at 10:40 pm

well, I have prepared my presentation from it, for IR class.

Rosemary says

April 16, 2023 at 7:47 am

Thanks for this website, now I understand and know the meaning and also the different between ( Capitalism and Communism). Well explained for your understanding.

May 1, 2023 at 7:39 pm

Great explanation of the differences. Thanks!

May 5, 2023 at 8:30 pm

June 9, 2023 at 10:15 am

Ramathan Balyejjusa says

August 7, 2023 at 12:11 am

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Socialism vs. Capitalism: What Is the Difference?

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Socialism and capitalism are the two main economic systems used in developed countries today. The main difference between capitalism and socialism is the extent to which the government controls the economy.

Key Takeaways: Socialism vs. Capitalism

• Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people.
• Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of “supply and demand.”
• Socialism is most often criticized for its provision of social services programs requiring high taxes that may decelerate economic growth.
• Capitalism is most often criticized for its tendency to allow income inequality and stratification of socio-economic classes.

Socialist governments strive to eliminate economic inequality by tightly controlling businesses and distributing wealth through programs that benefit the poor, such as free education and healthcare. Capitalism, on the other hand, holds that private enterprise utilizes economic resources more efficiently than the government and that society benefits when the distribution of wealth is determined by a freely-operating market.

The United States is generally considered to be a capitalist country, while many Scandinavian and Western European countries are considered socialist democracies. In reality, however, most developed countries—including the U.S.—employ a mixture of socialist and capitalist programs.

Capitalism Definition

Capitalism is an economic system under which private individuals own and control businesses, property, and capital—the “means of production.” The volume of goods and services produced is based on a system of “ supply and demand ,” which encourages businesses to manufacture quality products as efficiently and inexpensively as possible.

In the purest form of capitalism— free market or laissez-faire capitalism—individuals are unrestrained in participating in the economy. They decide where to invest their money, as well as what to produce and sell at what prices. True laissez-faire capitalism operates without government controls. In reality, however, most capitalist countries employ some degree of government regulation of business and private investment.

Capitalist systems make little or no effort to prevent income inequality . Theoretically, financial inequality encourages competition and innovation, which drive economic growth. Under capitalism, the government does not employ the general workforce. As a result, unemployment can increase during economic downturns . Under capitalism, individuals contribute to the economy based on the needs of the market and are rewarded by the economy based on their personal wealth.

Socialism Definition 

Socialism describes a variety of economic systems under which the means of production are owned equally by everyone in society. In some socialist economies, the democratically elected government owns and controls major businesses and industries. In other socialist economies, production is controlled by worker cooperatives. In a few others, individual ownership of enterprise and property is allowed, but with high taxes and government control. 

The mantra of socialism is, “From each according to his ability, to each according to his contribution.” This means that each person in society gets a share of the economy’s collective production—goods and wealth—based on how much they have contributed to generating it. Workers are paid their share of production after a percentage has been deducted to help pay for social programs that serve “the common good.” 

In contrast to capitalism, the main concern of socialism is the elimination of “rich” and “poor” socio-economic classes by ensuring an equal distribution of wealth among the people. To accomplish this, the socialist government controls the labor market, sometimes to the extent of being the primary employer. This allows the government to ensure full employment even during economic downturns. 

The Socialism vs. Capitalism Debate  

The key arguments in the socialism vs. capitalism debate focus on socio-economic equality and the extent to which the government controls wealth and production.

Ownership and Income Equality 

Capitalists argue that private ownership of property (land, businesses, goods, and wealth) is essential to ensuring the natural right of people to control their own affairs. Capitalists believe that because private-sector enterprise uses resources more efficiently than government, society is better off when the free market decides who profits and who does not. In addition, private ownership of property makes it possible for people to borrow and invest money, thus growing the economy. 

Socialists, on the other hand, believe that property should be owned by everyone. They argue that capitalism’s private ownership allows a relatively few wealthy people to acquire most of the property. The resulting income inequality leaves those less well off at the mercy of the rich. Socialists believe that since income inequality hurts the entire society, the government should reduce it through programs that benefit the poor such as free education and healthcare and higher taxes on the wealthy. 

Consumer Prices

Under capitalism, consumer prices are determined by free market forces. Socialists argue that this can enable businesses that have become monopolies to exploit their power by charging excessively higher prices than warranted by their production costs. 

In socialist economies, consumer prices are usually controlled by the government. Capitalists say this can lead to shortages and surpluses of essential products. Venezuela is often cited as an example. According to Human Rights Watch, “most Venezuelans go to bed hungry.” Hyperinflation and deteriorating health conditions under the socialist economic policies of President Nicolás Maduro have driven an estimated 3 million people to leave the country as food became a political weapon. 

Efficiency and Innovation 

The profit incentive of capitalism’s private ownership encourages businesses to be more efficient and innovative, enabling them to manufacture better products at lower costs. While businesses often fail under capitalism, these failures give rise to new, more efficient businesses through a process known as “creative destruction.” 

Socialists say that state ownership prevents business failures, prevents monopolies, and allows the government to control production to best meet the needs of the people. However, say capitalists, state ownership breeds inefficiency and indifference as labor and management have no personal profit incentive. 

Healthcare and Taxation 

Socialists argue that governments have a moral responsibility to provide essential social services. They believe that universally needed services like healthcare, as a natural right, should be provided free to everyone by the government. To this end, hospitals and clinics in socialist countries are often owned and controlled by the government. 

Capitalists contend that state, rather than private control, leads to inefficiency and lengthy delays in providing healthcare services. In addition, the costs of providing healthcare and other social services force socialist governments to impose high progressive taxes while increasing government spending, both of which have a chilling effect on the economy. 

Capitalist and Socialist Countries Today 

Today, there are few if any developed countries that are 100% capitalist or socialist. Indeed, the economies of most countries combine elements of socialism and capitalism.

In Norway, Sweden, and Denmark—generally considered socialist—the government provides healthcare, education, and pensions. However, private ownership of property creates a degree of income inequality. An average of 65% of each nation’s wealth is held by only 10% of the people—a characteristic of capitalism.

The economies of Cuba, China, Vietnam, Russia, and North Korea incorporate characteristics of both socialism and communism .

While countries such as Great Britain, France, and Ireland have strong socialist parties, and their governments provide many social support programs, most businesses are privately owned, making them essentially capitalist.

The United States, long considered the prototype of capitalism, isn’t even ranked in the top 10 most capitalist countries, according to the conservative think tank Heritage Foundation. The U.S. drops in the Foundation’s Index of Economic Freedom due to its level of government regulation of business and private investment.

Indeed, the Preamble of the U.S. Constitution sets one the nation’s goals to be “promote the general welfare.” In order to accomplish this, the United States employs certain socialist-like social safety net programs , such as Social Security, Medicare, food stamps , and housing assistance.

Contrary to popular belief, socialism did not evolve from Marxism . Societies that were to varying degrees “socialist” have existed or have been imagined since ancient times. Examples of actual socialist societies that predated or were uninfluenced by German philosopher and economic critic Karl Marx were Christian monastic enclaves during and after the Roman Empire and the 19th-century utopian social experiments proposed by Welsh philanthropist Robert Owen. Premodern or non-Marxist literature that envisioned ideal socialist societies include The Republic by Plato , Utopia by Sir Thomas More, and Social Destiny of Man by Charles Fourier. 

Socialism vs. Communism

Unlike socialism, communism is both an ideology and a form of government. As an ideology, it predicts the establishment of a dictatorship controlled by the working-class proletariat established through violent revolution and the eventual disappearance of social and economic class and state. As a form of government, communism is equivalent in principle to the dictatorship of the proletariat and in practice to a dictatorship of communists. In contrast, socialism is not tied to any specific ideology. It presupposes the existence of the state and is compatible with democracy and allows for peaceful political change.

Capitalism 

While no single person can be said to have invented capitalism, capitalist-like systems existed as far back as ancient times. The ideology of modern capitalism is usually attributed to Scottish political economist Adam Smith in his classic 1776 economic treatise The Wealth of Nations. The origins of capitalism as a functional economic system can be traced to 16th to 18th century England, where the early Industrial Revolution gave rise to mass enterprises, such as the textile industry, iron, and steam power . These industrial advancements led to a system in which accumulated profit was invested to increase productivity—the essence of capitalism.

Despite its modern status as the world’s predominant economic system, capitalism has been criticized for several reasons throughout history. These include the unpredictable and unstable nature of capitalist growth, social harms, such as pollution and abusive treatment of workers, and forms of economic disparity, such as income inequality . Some historians connect profit-driven economic models such as capitalism to the rise of oppressive institutions such as human enslavement , colonialism , and imperialism .

Sources and Further Reference

• “Back to Basics: What is Capitalism?” International Monetary Fund , June 2015, https://www.imf.org/external/pubs/ft/fandd/2015/06/basics.htm.
• Fulcher, James. “Capitalism A Very Short Introduction.” Oxford, 2004, ISBN 978-0-19-280218-7.
• de Soto, Hernando. The Mystery of Capital.” International Monetary Fund , March, 2001, https://www.imf.org/external/pubs/ft/fandd/2001/03/desoto.htm.
• Busky, Donald F. “Democratic Socialism: A Global Survey.” Praeger, 2000, ISBN 978-0-275-96886-1.
• Nove, Alec. “The Economics of Feasible Socialism Revisited.” Routledge, 1992, ISBN-10: 0044460155.
• Newport, Frank. “The Meaning of ‘Socialism’ to Americans Today.” Gallup , October 2018), https://news.gallup.com/opinion/polling-matters/243362/meaning-socialism-americans-today.aspx.
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