Capitalism, Socialism & Communism

SOCIALISM
Socialism is defined as a centrally planned economy in which the government controls all means of production and was the tragic failure of the twentieth century. Born of a commitment toremedy the economic and moral defects of capitalism, it has far surpassed capitalism in both economic malfunction and moral cruelty. Yet the idea and the ideal of socialism linger on. Whether socialismin some form will eventually return as a major organizing force in human affairs is unknown, but no one can accurately appraise its prospects who has not taken into account the dramatic story of itsrise and fall.
Socialism was the first phase of communist society.

COMMUNISM
In a perfect world, everyone would have food and shelter, and a true utopian society would be devoid of sexism, racismand other forms of oppression. But for most of the world's population, this perfect society just isn't possible. Communism is one proposed solution to these problems.
Most people know what communismis at its most basic level. Simply put, communism is the idea that everyone in a given society receives equal shares of the benefits derived from labor. Communism is designed to allow the poor to riseup and attain financial and social status equal to that of the middle-class landowners. In order for everyone to achieve equality, wealth is redistributed so that the members of the upper class arebrought down to the same financial and social level as the middle class. Communism also requires that all means of production be controlled by the state. In other words, no one can own his or her ownbusiness or produce his or her own goods because the state owns everything.

CAPITALISM
Capitalism is a social system based on the principle of individual rights. Politically, it is the system oflaissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its’ result is the...