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Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.

Capitalism is an economic system in which the means of production and distribution are mainly owned and controlled by private individuals and firms. The primary aim of any economic activity in a capitalist state is to make profit.

Capitalism is an economic system that is based on private ownership of the means of production, as well as on the principle of free market, whose objective is the accumulation of capital. The word is formed from the union between the noun capital, which in this context means 'set of economic goods', and the Greek suffix ism, which means system.

Communism is a political and socio-economic ideology based on the abolition of private property and social classes. Capitalism, on the other hand, refers to a socio-economic system based on the right to private ownership of the means of production and free trade in goods and products.

Types of Capitalism Economic system that defends the freedom of the market. Definition of Capitalism Capitalism is an economic system that defends the freedom of the market and...

A labour market is any institution or arrangement which brings job seekers and employers of labour together within a particular geographical region. We can therefore talk of local labour market, national labour market and international labour market.

What is Free Enterprise System? Free enterprises system is an economic system that believes in the efficacy of the interplay of market forces of demand...

Basic Problems of Economics | Scarcity and choice are the cardinal problems faced by economists and the society at large. The study of economics is necessitated by scarcity and the problem created by scarcity has led to choice.

Economic growth is a sustained regular increase in total national income. This regular increase might have been brought about by an increase in the capacity to produce more goods and services.

The Nigerian foreign policy is profoundly affected or influenced by the perceptions, attitudes and value preferences of the various participants in the decision-making process. In other words, a nation’s international behaviour is, to a great extent, determined by the interests of those making and implementing foreign policies.

Nationalization is the transfer of a sector of the private economy into the hands of the State, whereas privatization means the sale of partial or total shares of a public company to private capital.

Bourgeoisie is a term used to refer to a sector of the middle-class population, which has a good economic income and the possession of material or capital goods, such as property.

The proletariat is distinguished from other classes such as the bourgeoisie in that it does not possess greater assets than its capacity for work, and therefore constitutes the basis of capitalist society of, as defined by Karl Marx, the "exploitation of man by man". The bourgeoisie, on the other hand, is the owner of the means of production and requires labor to generate consumer goods.

The proletariat are the class of people who do not have means of production. They are exploited workers in capitalist system and only earn their living through wage labour. Similarly, they have no say in the area of decision making of any organization.

While it is true that the theoretical and ideological origin of the socialist and communist tendencies is common, there is a significant difference between socialism and communism from the economic, political and sociological point of view. Communism is commonly understood to be the last phase of socialist theory. Over the years and the appearance of new socio-political and economic models, both ideological tendencies have diverged. Mostly thanks to new mixed perspectives and coexistence with the capitalist and free market model.

Bourgeoisie is understood as the ruling class, owner of the means of production, raw materials and holders of financial capital. The proletariat, on the other hand, represents the working class, which only owns its own labor force. This distinction is made on the basis of Marxist doctrine. For Karl Marx, throughout history, humanity developed from the antagonism between a ruling class and a class of individuals exploited by it. This he called the class struggle.

Communism and anarchism differ in the way of achieving an egalitarian society based on the absence of the State, on free association between people and on the extinction of private property. For communism, the construction of a classless society takes place through the intensification of the contradictions of capitalism, giving rise to a process of transformation in the mode of production. This change necessitates in a transition period called socialist. As for anarchism, the State is based on hierarchization and coercion, which would prevent the construction of a fair and egalitarian society.

The Late Middle Ages was the last stage of the Middle Ages. It lasted approximately from the end of the 11th century to the second half of the 15th century, which is why it is situated between the High Middle Ages and the Modern Age.

Socialist State: Socialism is a political and economic system whose main foundation is equality. The system's objective is the transformation of society through the distribution of income and property to reduce social inequality.

Feudal System - a political, economic and social system, which prevailed in Western and Central Europe during much of the Middle Ages, and in Eastern Europe during the Modern Age.