Capitalism And Communism Essay

1459 Words6 Pages
Capitalism, socialism and communism are the main types of economic systems. These systems have a major impact on the political system and many other aspects of people’s lives. All these three different impacted you more than you think.
Without capitalism it wouldn’t have caused the Industrial Revolution or society's development into consumerism. Also it’s hard to believe but socialism and communism impacted us to. Without socialism there would have been no laws or civilization. Without communism under communism the Soviet Union wouldn’t have had a constitution. It assured citizens freedom of speech, press, and assembly. It promised equal rights for all. But that doesn’t excuses the fact that all are wrong is certain way. Capitalism is bad because monopoly power. Socialism’s impact is it slows economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards. And communism bad impact on us is Adolf Hitler was a communist dictator. Under his instructions, over six million people died in his concentration camps. Not counting the people fighting in the war that he started.
Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. A major function on how capitalism works is the factors of production. The factors of production are land, labor, and capital. Land is a factor of production because land has a
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