Communsm, socialism and capitalism
 

Hello friends .Can any body in here briefly and simply define these terms to me.Never got what really they are:vic

Difference between capitalism and communism
 

Dear going to die!

These three are economic systems;
capitalism is based on the premise of [I]laissez faire[/I](let alone to do) and free market economy where the means of production are in the hands of private persons, the government's role is restricted to regulation only.

communism means an economic system where there are no private entrepreneures, where the state capitalism exists and the principle 'from each according to his ability, to each according to his needs'. Under it, a stateless and classless society is perceived to exists.

Socialism is a transitional stage between capitalism and communism where the state start interference in the production sectors and means of productions are being nationalised.