capitalism vs socialism vs communism

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Capitalism

Ownership: Private individuals/corporations own capital and resources.
Economy: Free market driven by supply, demand, and competition; profit motive
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Role of Gov: Minimal; enforces laws, protects property.
Wealth: Unequal, based on effort/investment; social welfare often private/limited.


Socialism

Ownership: Collective or state ownership of key means of production (factories, land).
Economy: Mix of state control and market forces; aims to meet needs, not just profit.
Role of Gov: Significant; manages resources, provides public services (welfare, healthcare).
Wealth: Redistribution for greater equality through taxes/programs


Communism (Marxist Theory)

Ownership: Communal/state ownership, aiming for no private property.
Economy: Centrally planned; resources distributed based on need ("from each according to his ability, to each according to his need").
Role of Gov: Total control over economy and life (in practice); theoretically fades in pure communism.
Wealth: Theoretically equal distribution; classless society

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