Communism vs. Capitalism

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Citizens across the world have been debating on the appropriate economic systems to use in their societies. The success of China has disgruntled Americans perceiving communism as an archaic system. The debate is ancient, dating back to the failures of feudalism during the industrial revolution. Karl Marx, a German, preferred a socialist approach to solving the problems bedeviling the state. The German preferred more state control in planning the economy (Almond 14). Similarly, Adam Smith, established capitalism is preferring a self-regulatory market. The two ideologies had striking similarities while also had unique differences. Similarities The two ideologies enforce decisions that are supreme in public policy and ensure the opposition is weak by any means. Communist republics such as China and North Korea control their economies through centralized planning. The Chinese government has continually fixed their exchange rates, to ensure their goods are cheaper than other nations. Capitalist countries such as USA and Canada have implemented minimum wages, to ensure their products are also more competitive. Furthermore, the two continuously use force to root out their enemies. The Vietnam War and Stalin’s regime that killed millions during the First World War are classic examples of capitalist and communist massacres across the globe. The two ideologies have similar uses for their land. Capitalist government demarcates land into the public and private property. However, the government may seek to annex private property for public use. Communists require individuals to share profits from agricultural ventures collectively. Capitalists are allowed to annex private property

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