Capitalism vs Socialism vs Communism

History of Capitalism

*Capitalism is also referred to as "free market economy" and "free enterprise economy"

​*continuous development of capitalism as a system dates only from the 16th century, antecedents of capitalist institutions existed in the ancient world, and flourishing pockets of capitalism were present in Europe during the later Middle Ages.

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​*The origins of socialism as a political movement lie in the Industrial Revolution. Its intellectual roots, however, reach back almost as far as recorded thought—even as far as Moses, according to one history of the subject.

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*Social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

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*Individuals do not live or work in isolation but live in cooperation with one another.

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*Everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it.​

​*Although the term communism did not come into use until the 1840s, visions of a society that may be considered communist appeared as long ago as the 4th century BCE.

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*In the ideal state described in Plato’s Republic, the governing class of guardians devotes itself to serving the interests of the whole community. Because private ownership of goods would corrupt their owners by encouraging selfishness, Plato argued, the guardians must live as a large family that shares common ownership not only of material goods but also of spouses and children.

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*Political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society.

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*Communism is thus a form of socialism—a higher and more advanced form, according to its advocates.​

​*Karl Marx was born in the German Rhineland to middle-class parents of Jewish descent who had abandoned their religion in an attempt to assimilate into an anti-Semitic society.

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*The young Marx studied philosophy at the University of Berlin and received a doctorate from the University of Jena in 1841, but he was unable, because of his Jewish ancestry and his liberal political views, to secure a teaching position.

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*He then turned to journalism, where his investigations disclosed what he perceived as systematic injustice and corruption at all levels of German society.

​Founder of the Russian Communist Party (Bolsheviks), inspirer and leader of the Bolshevik Revolution (1917), and the architect, builder, and first head (1917–24) of the Soviet state.