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What are the disadvantages of capitalism?
Cons of capitalism
- Monopoly power. Private ownership of capital enables firms to gain monopoly power in product and labour markets. ...
- Monopsony power. ...
- Social benefit ignored. ...
- Inherited wealth and wealth inequality. ...
- Inequality creates social division. ...
- Diminishing marginal utility of wealth. ...
- Boom and bust cycles.
Who controls the economy in capitalism?
In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and manages the vital means of production. However, other differences also exist in the form of equity, efficiency, and employment.
How does money work in communism?
There is no government or private property or currency, and the wealth is divided among citizens equally or according to individual need. Many of communism's tenets derive from the works of German revolutionary Karl Marx, who (with Friedrich Engels) wrote The Communist Manifesto (1848).
What are features of communism?
Although there was enough variation to encourage the study of 'comparative Communism,' Communist systems possessed five common features which, taken together, distinguished them from other authoritarian regimes and, still more fundamentally, from socialism of a social democratic type: (a) the monopoly of power (' ...
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