Define the economic systems of Socialism, Communism, and Capitalism. Which system would create the ideal society? Or would it be a combination?

Answer 1

Hello Malachi M.,

There is not a clear-cut distinction between communism and socialism. For example, China is a Communist country that has always claimed to be socialist. But if you live in China, you are not allowed the same opportunities you would be in say, Sweden, a socialist country. Most governmental systems are a bit mixed which makes defining terms a bit muddy. But the cow analogy seems to make the most sense for me. In Socialism, you have two cows and give one to your neighbor. In Communism, you have two cows and the State owns both cows and gives you some milk. In Capitalism, you have two cows. You sell one and buy a bull. Which leads your heard to multiple and is supposed to help the economy. 

While socialism and communism are similar in that they both have central governments, their approach is a bit different. In Communism, religion is viewed as offensive and there is no place for a class system or diversity in the amount of money people make. In Communism, everyone is supposed to make the same amount of money and consumer goods regardless of how well they work. In Socialism, there is still freedom to express religious views and there is still a bit of diversity of income. Socialism is more focused on meeting society's needs whereas Communism is more focused on trying to make everything the same. 

Capitalism is a bit different from the two. Capitalism is more focused on what helps the economy at the expense of people. Sometimes there are good companies that value people and pay them a decent wage, but for many large companies that get big, they don't care about their employees. Though, and I have lived in a Communist country, I would not want to be from a Communist State, Capitalism does have significant drawbacks. There are strengths and weaknesses to both socialism and capitalism. Most people agree that a mix of both socialism and capitalism is better for society. It depends on how you look at it as to which way you lean. 

I hope what I have explained makes sense to you and is helpful.