Comparing Capitalism, Socialism and Communism

Youtube Description:
Ever wondered what the difference is between capitalism, socialism and communism?
Well today we explore these three political and economic models and the philosophy and principles behind them.
TOPICS COVERED IN THIS VIDEO:
Communism, capitalism and socialism - brief definition - 0:01
Capitalism explained - 0:07
Marxism explained | Marxism made easy - 0:40
Socialism explained - 0:59
Communism explained - 1:26
Socialist, communist and capitalist countries in the world - 1:36
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431 views  ·  Last viewed: 16 hrs ago
Uploaded: 19 Jan 2019   (8 years ago)  ·  Shared: 20 Nov 2020
Duration: 3:21

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What is Capitalism?
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and

the recognition of property rights, voluntary exchange and wage labor. In a capitalist market economy, decision-making and investments are determined by every owner of wealth, property or production ability in capital and financial markets whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
What is Communism?
Communism is a philosophical, social, political, economic ideology and movement. Communism's ultimate goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of

production and the absence of social classes, money and the state.
  Capitalism   Communism

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