ECONOMIC SYSTEMS

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. (Merriam-Webster Dictionary)

Communism

Socio-political movement that aims for a classless and stateless Society structured upon common ownership of the means of production, free access to articles of consumption and the end of wages labour and private property in the means of production of real estate. Karl Marx, Vladimir Lenin, Joseph Stalin, Fidel Castro, Leon Trotsky, Mao Tse Tung, Marxism-Leninism, Trotskyism, Council Communism, Luxembourgism, Anarchist Communism, Christian Communism, and Left Communism.

Socialism 

Socialism is an economic system where major production and resources are controlled by the community as a group. The framework is that a minimal hierarchy is used to organise the people and everyone votes on the allocation of resources and what to produce.