Socialism

Socialism calls for putting major means of production to the people, either directly through or through the government.

Socialism believes that wealth must be shared more equally for the people.
 

Socialists don’t believe that workers will overthrow capitalists suddenly and violently or that all private property should be eliminated.

Their main goal is not to totally eliminate the gap between rich and poor. The government just has a responsibility to redistribute wealth to make society more fair and such.

Capitalism

Based on private ownership, means of production, and individual economic freedom.

Most means of production such as factories and businesses are owned by private individuals and not by government. Private owners make their own decisions on when and what they produce and the products cost.

Other characteristics include:

Free competition: the basic rule of capitalism is that people should compete freely without interference from government or other outside forces. It also assumes the most deserving person usually wins. In theory, they’ll keep prices as low as possible for the consumer likes to buy the highest quality and cheapest product.

Supply and Demand: they keep prices from getting too high or too low by lowering the prices when the demand for the product is low and when the demand for that product increases, so do the prices. And if they stop buying them so much, the prices will drop much more.

So really capitalism is a huge fan of private property and small businesses.

Communism

Karl Marx (the father of communism) was outraged by the growing gap of rich or poor. He didn’t like capitalism, saying it was an outmoded economic system taking advantage of the workers, and that because poor people were treated badly they would rebel against the rich. He made communism to replace capitalism and fix capitalism’s problems.

Under communism, private ownership can’t be allowed, ever. Marx believed private ownership would lead to corruption, greed, and motivated people to knock out any competition no matter what the consequences.

Property must be shared and the people must take care of the economy. And the government must excise control in favor of the people.

In capitalism transition to communism, the main goal is economic equality between rich and poor.

Conclusion

There is no purely capitalist or communist economy in the world today.

The capitalist USA has Social Security and a postal service owned by the government.

Communist China allows its citizens to keep some of their profits but not even close to all.

Now Communism and Socialism are complete failures, they’ll never work. Many have tried and they’ve all failed, there is no way, in fact, it’s literally impossible to make it work, with Capitalism you can make it work, as long as it’s not extreme Capitalism. Still Capitalism is way better and you should just give up on those other CRAPPY economic systems. Now do some research and try to prove me wrong and don’t try to say they haven’t been doing those crappy economics systems correctly unless you can prove it.