Capitalism A form of economic order characterized by private ownership of the means of production and the freedom of private owners to use, buy and sell their property or services on the market at voluntarily agreed prices and terms, with only minimal interference with such transactions by the state or other authoritative third parties. Communism 1.Any ideology based on the communal ownership of all property and a classless social structure, with economic production and distribution …
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showed last 75 words of 643 total
…course they differ considerably in their ideas about what sorts of political institutions and practices are required to ensure this will be so. In practice, socialist economic principles may be combined with an extremely wide range of attitudes toward personal freedom, civil liberties, mass political participation, bureaucracy and political competition, ranging from Western European democratic socialism to the more authoritarian socialisms of many third world regimes to the totalitarian excesses of Soviet-style socialism or communism.