Communism (from Latin communis, ‘common, universal’) is a philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social …

The state owns most property and most economic activities are directed through central state planning. Communism and socialism are two types of command systems. Instead, we all live in mixed economic systems where the government blends different features of two or more systems.

Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

The term “free market” is sometimes used as a synonym for laissez-faire capitalism. When most people discuss the “free market,” they mean an economy with unobstructed competition and only private transactions between buyers and sellers.

Nevertheless, six defining characteristics of Communist ideology are identified and elaborated—the monopoly of power of the ruling Communist party; democratic centralism; state ownership of the means of production; centrally planned rather than market economy; membership of an international Communist movement; and the …

The UK, like every modern economy, has elements of socialism but, in the case of Britain, these are far fewer than in most other Western European economies. Britain is probably the most economically liberal state in Western Europe and the most inclined towards brutal capitalism.

Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.

Communism appeals to the higher ideal of altruism, while capitalism promotes selfishness. Let us consider what will happen to power distribution in both these ideologies. Capitalism naturally concentrates wealth and therefore, power in the hands of the people who own the means of production.