X.3: Problems with Capitalism

Socialism and communism have always led to economic failure, but there are problems with capitalism as well. For example, competition makes capitalism work. But at the same time every capitalist seeks to eliminate his competition. In other words, if a company grows without bounds, it will eventually destroy its competitors. And there are other problems … Read more

X.1: Capitalism, Socialism, and Communism

What are the Merriam-Webster definitions of capitalism, socialism, and communism? Capitalism: an economic system characterized by private or corporate ownership of capital goods … [and] by prices, production, and the distribution of goods that are determined mainly by competition in a free market. Socialism: a system or condition of society in which the means of … Read more

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