Communism Vs Socialism Vs Capitalism | What's the difference between Communism Socialism Capitalism?

In this video, we look at a brief and simple explanation of the difference between Communism, Socialism, and Capitalism.​​

Communism is an economic and political ideology that advocates for a classless system in which the means of production are owned communally and private property is nonexistent or severely diminished. Communism positions itself in opposition to liberal democracy and capitalism, Karl Marx and Friedrich Engels developed and laid the groundwork for the theory and practice of communism. Although the former Soviet Union, China, and Cuba (among other nations) have had nominally communist governments, there’s never actually been a purely communist state that has completely eliminated personal property, money, and class systems.

Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare. Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services. Capitalism, with its belief in private ownership and the goal to maximize profits, stands in contrast to socialism, but most capitalist economies today have some socialist aspects.

Communism and socialism oppose capitalism, an economic system where private individuals and enterprises own the means of production and the right to profit from them. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital or goods which are used in further production of wealth. Capitalism developed historically out of previous systems of feudalism and mercantilism in Europe, and dramatically expanded industrialization and the large-scale availability of mass-market consumer goods. Communism and socialism aim to right the wrongs of capitalism’s free-market system. These include worker exploitation and inequities between rich and poor.

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#Communism #Socialism #Capitalism

[MeikaiX]

I'm glad you're covering a lot of content like this, people aren't very knowledgeable on these economic/political systems but only hate it because everyone else does.

[domino]

"Socialism is when the goverment does stuff"

[casiriahkenjo]

Most people will whine and complain about Capitalism - from their iphone in one hand, and starbucks in the other.

[E.C.GoMusicandMore]

Fun fact: Socialism is not when the government owns businesses, but when workers do. So when most businesses in an economy are cooperatives and/or union run, that economy is socialist.

[jonahkurman-faber]

Very useful! The one critique I have is that his explanation of Communism uses the terms "private property" and "personal property" interchangeably, but they are very different. From Wikipedia: "In Marxist theory, private property typically refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services." So under communism, you can still own many of the items we cherish in modern life. Cheers!

[geologist]

''Private property'' as mentioned in the video is NOT the house or the car of the worker. It refers to the means of production which you mentioned a second later. Communism isn't advocating for abolition of PERSONAL belongings, Private property refers to who owns the means of production

[thomaskn]

Can you expand more on the differences between Communism and Socialism? They sound exactly the same. What are some key differences?

[brian-vzhz]

All systems are flawed to an extent. Capitalism is just the least flawed system of them all. Therefore I support it and why I love living in America. Capitalism is not perfect by any means but I'll take it over the rest all day! 🇺🇲

[notsure]

Honestly, this is the most unbiased video I've seen on YouTube so far

[kalekcenturian]

Correction:

This video states that Socialism and Communism works to right the wrong of Capitalism, which is exploitation of the workers and wealth disparity between the rich and the poor.

Socialism and Communism both have problems with exploitation of workers and wealth disparity.

Both take advantage of their workers by forcing those with higher skilled jobs not being allowed to use their higher skills. The reason for this is simple: why work harder when you will still be paid the same?

In Socialism and Communism, there are those who are wealthy and those who are poor. In fact, the disparities between the rich and poor are even greater.

Under Capitalism, the main driving force is the concern and welfare for others. This is the driving force. The reason is simple: If you neighbor doesn't like you or your product, they choose to pick a different product.

Under Socialism and Capitalism, the choices of goods and services are diminished, due to the government control over means of production. This results in greater dependence on government choices than on your own needs and wants.

There is greater freedom in a capitalist system.

Finally, even capitalism has its own faults; but when compare to the other choices, it is far superior.

[MyPieceOnThat]

Literally the first thing i did when i controlled link was try to go up the stairs. Also i legit cried at the title sequence. I've been playing Zelda for the last 20 years and it's still amazing, the feeling when you start a new zelda.

[bulletsFly]

Socialism is FIRST stage of communism, no vs.

[ikalennyy]

You should do more of these. I like it better than crash course Channel. I wish you could do extended videos on the same topics.

Keep being unbiased

[vondoromal]

This will be a great source of back and forth conversations. Copying and posting this to a group chat time now...

[sidengland]

There are no wrongs of capitalism to be righted. You get what you deserve, not what you "want".

[bigkingsean]

Mutually agreed exchange is exploitation while redistribution of peoples work and earnings, in the name of equity, is not exploitation?

[Nanofuture]

Socialism encompasses a range of different systems relating to the social ownership / control of the means of production, with self-described socialists disagreeing with each other all the time over how exactly that is to be expressed. Don't be surprised if you get comments along the lines of "that's not real socialism" or "socialism in the 21st century is different."

[abdulazizalammar]

Can you guess which one most encourages competence, innovation, improvement?

[muhammadhaikal]

Im thankful being malaysia because we use socialism, when goverment control pricing for product like rice, sugar and other, it chance for poor people to living nicely

[cruxxus]

Capitalism for sure - I was done allowing my life to be controlled by a babysitter when I was 10 years old.