Capitalism Vs Communism The Ultimate Battle of Ideals Capitalism Vs Communism

Countries

Philosophers Capitalism Communism Adam Smith – Wealth of Nations John Locke- Social Contract Karl Marx- Communist Manifesto

Type of Gov’t. Capitalism Communism Democracy/Republic Dictatorship (No Gov’t.)

Who decides what to Produce? Capitalism Communism The Consumer Gov’t

Who controls the means of Production? Capitalism Communism (Owners) Gov’t

For whom are the products made? Capitalism Communism The People The Gov’t. who give it to the people

Capitalism Advantages Disadvantages Higher Standard of living Product Variety More Freedoms Opportunity to become rich Competition leads to advances Large gap between rich and poor Less wealthy are taken advantage of Less security and protection Opportunity to fail

Communism Advantages Disadvantages Lower standard of living Equality for all Needs are provided for by the country (Medical Care and No Starvation) More Security and Protection Lower standard of living No incentive for doing extra Less freedoms Zero opportunity to become rich Lack of competition