Q. What
do.
Know about
Capitalism
you
and communism?
why
we call China as a communist state?
fast answer please
Answers
Explanation:
Capitalism
Capitalism is an economic systemwhere the ‘means of production’ and resulting capital are owned by private individuals and businesses. It is based on voluntary relationships of supply and demand instead of centralised (usually government) planning.
This system is rooted in classical liberal philosophy and its conception of the rational, freethinking, autonomous individual. It claims market competition forces people to act in a way that benefits others, regardless of their intention.
Communism
Communism is a utopian political economic system where a society is reorganised without hierarchy, states, money or class. The ‘means of production’ are shared communally and private property is non-existent or severely restricted. Karl Marx and Friedrich Engels published the seminal political pamphlet on this, A Communist Manifestoin 1848.Communism’s modern adherents claim it has not happened yet, while its critics cite Maoist China, Stalin’s Soviet Union, the Cold War, and many other historical crises to signal its danger.