defines communism and capitalism
http://dictionary.reference.com/
Sure! I can explain the concepts of communism and capitalism to you.
Communism:
Communism is a socio-economic ideology and a political philosophy that advocates for the collective ownership and control of the means of production. In a communist society, there is no private ownership of property, and all resources, goods, and services are distributed according to the needs of the individuals. The aim of communism is to create a classless society, where there is no distinction between the rich and the poor, and all individuals have equal access to resources and opportunities.
Capitalism:
Capitalism is an economic system based on private ownership of the means of production and the pursuit of profit. In a capitalist society, the production and distribution of goods and services are mainly driven by the free market forces of supply and demand. The capitalist system relies on competition, individual initiative, and profit motive to drive economic growth and innovation. In this system, resources are allocated through market transactions, where individuals and businesses freely trade goods and services based on their own self-interest.
To further understand the definitions of communism and capitalism, you can refer to various sources such as books, articles, or reputable online encyclopedias. These sources will provide you with in-depth explanations and historical context for a comprehensive understanding of these concepts.