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Capitalism and communism are two different economic systems. Capitalism is an economic system where private entities own the factors of production. The production of goods and services is based on supply and demand in the general market. On the other hand, communism is a system where the community or state owns the factors of production. In this system, all property is public and people work and are given things by the government and according to their needs.
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When any government is too involved in the free market, it becomes not so free. The government is already the taxer of the income of corporations and its individual citizens. Additionally, if they become allowed to control how businesses make their money, as well, then that would be called communism. This type of system does not work because it is not progressive enough for a growing economy. The market must be competitive for it to thrive and meet the supply of demand. But some argue that it is an unfair system, rigged only for the few to survive.
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Economics can be intimidating to the person who is not well-versed in business and mathematics. This book caters to the “layman” by breaking down the ...
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