Communist Economy

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Communism is considered to be a further step beyond Marxism. It is considered to be a society which is classless. The wealth is redistributed so that the control of the wealth does not lie only in the hands of the rich people. The privately owned businesses are converted into state property which then functions for the benefit of all the people of the state rather than an elite group of people. As the name implies, it is a form of government for the entire community. Communism upholds the idea that the basic needs of society should be provided to all, irrespective of any class differences. It also promotes the fact that every worker should be rewarded for all his work and hold a share in the profits. Communism is broadly defined as a…show more content…
The other matters that are highly criticized within a communist economy are the facts that these economies face several issues such as shortage of goods such as products of basic necessities, other class/creed issues, etc. All these problems and issues lead to an increase in the economic problems of the communist country. The economic problems of the country can be increased because of the short comings related to communism. In communism the governments try to create a classless society regardless of the special talents that people are provided with. It is because of this reason that a communist government faces problems when appointing officers to specific positions. Moreover if these positions are not held by people who have the right talent then the government can fail and this can create problems for the whole country. Moreover, the wages that workers have to be paid depend on the government itself and this creates a problem again. The people are only paid at a subsistence level and hence they can only fulfill their basic needs such as food and shelter. When the question of personal interest comes, the governments cannot fulfill these interests of people. It is because of this very reason
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