Communism and Capitalism Review!(12 points) Capitalism Communism based on ideas of Karl Marx Entrepreneurs are able to start businesses based on ideas of Adam Smith United States during the Cold War all property controlled by government individuals can own private property the Soviet Union during the Cold War competition motivates success collective goals drive innovation and success in the economy less individual freedoms within society more individual freedoms within society wealth should be distributed equally
1. Capitalism and communism are two opposing economic and political ideologies, with capitalism based on the ideas of Adam Smith and communism based on the ideas of Karl Marx.
2. In capitalism, entrepreneurs are able to start businesses and compete in the market to create wealth and success. In communism, all property is controlled by the government and there is no private ownership of property.
3. The United States during the Cold War was a capitalist country, while the Soviet Union during the Cold War operated under a communist system.
4. In capitalism, competition motivates success and drives innovation in the economy. In communism, collective goals drive innovation and success, with a focus on the overall well-being of society.
5. Capitalism typically allows for more individual freedoms within society, such as the ability to own private property and make personal economic choices. Communism tends to have less individual freedoms, as the government controls many aspects of individuals' lives.
6. In a capitalist system, wealth is generally distributed unequally based on individual success and market forces. In communism, the goal is to distribute wealth equally among all members of society.
Overall, capitalism and communism represent two different approaches to economics and governance, with capitalism emphasizing individual freedom and competition, and communism focusing on collective goals and equality. Each system has its pros and cons, and different countries may adopt elements of both ideologies in their economic policies.