With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism. Then explain the pros and cons that each hold.
Socialism- is an economic and political philosophy based on the idea that the benefits of economic activity-wealth- should be equitably distributed throughout a society.
Communism- is often called a collectivist ideology, which calls for the collective, or state, ownership of land and other productive property.
Capitalism- an economic system based on private ownership of capital
Pros-
Equal rights for all
Equal Wealth
Cons-
Government in too much control
No room for making yourself what you want to become
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