Communism is an economic system in which all private property and economic classes are eliminated, and all people are equal. The Soviet Union is a famous icon for communism. There are pretty much no fully communist countries this days.
The United States of America is capitalist, where you can have private property, and people have classes like poor, middle class, and rich. There are more types of these systems, like industrial capitalism and mercantile capitalism.
And last of all, there's socialism. Socialism is like communism, but I think it lets you have more private property (not totally sure on this one)
One problem with the systems (in my opinion) is that communism and socialism have Health Care for all, which means everybody gets catered to and cared for. In capitalism, it's basically every man for himself, so not all people will get Health Care.
What's the main difference between socialism and communism?
What countries are fully socialist, communist and capitalist?
What are the names of all economic systems?
What is your current country's economic system?
• According to World Population Review, all of these countries are fully capitalist:
United Arab Emirates
•According to Wikipedia, all these countries are fully communist: China
•According to World Population Review, all these countries are fully
People’s Republic of Bangladesh
Co-operative Republic of Guyana
Republic of India
Federal Democratic Republic of Nepal
Democratic Socialist Republic of Sri Lanka
United Republic of Tanzania
List of all economic systems:
Progressive utilization theory (PROUTist economy)
*last question will vary