3 isms of economics communism capitalism and socialism
In the systems: capitalism, communism, and socialism there are several different advantages as well as disadvantages depending upon the systems practices. ... Communism is a society without money, without property and without social classes; it deals with a totalitarian regime run by the communist party, where central planning is employed as a means of production and distribution. ... When dealing with communism there are more disadvantages rather than advantages. ... Furthermore, rather than stimulating economic growth, communism hampers it greatly. ... Socialism can be considered the same as communism in that it is also a system where the government owns most property resources and where economic decision-making occurs through a central economic plan. The difference between communism and socialism is that socialism calls for the nationalization of natural resources, banking and credit, basic industries (like healthcare) and public utilities. Socialism discourages monopolies, but encourages private ownership of smaller and less vital businesses.