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Essay outline

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Essay outline

  1. 1. Surname 1 Name: Tutor: Task: Date: Essay topic and outline Introduction The topic is “Contrasting capitalism and communism economic systems” Outline I. Introduction The definitions of capitalism and communism  Capitalism implies to Laissez Faire economics. It has its basis on Adam Smith’s ideas and concepts about an economic system. It places greater emphasis on the need for the government not to interfere with the economic system. Additionally, labor is presented to be the most significant factor in economic operations and not land.  Communism implies to collectivism whereby equality is the corner stone of an economic system. Communism has its basis on the ideas and concepts outlined in the communist manifesto by Karl Marx. Emphasis is placed on the understanding that ownership of property hinders equality. For people to lead better lives in the society equality is considered to be an essential ingredient. II. The Differences between Capitalism and Communism i. The means of production or resources
  2. 2. Surname 2  Capitalism: means of production or resources are owned by individuals or private owners Communism: means of production or resources are owned by the society or community ii. Equality  Capitalism: Individuals determine how much they will get from their work through the amount of effort they apply Communism: Work is equally shared and the proceeds or benefits equally shared iii. Ownership of property  Capitalism: supports the existence of private property in the economic system Communism: stand for the elimination of private property from the economic system iv. Class and status in the society  Capitalism: divides the society whereby there are two classes of people, the poor and the rich Communism: does not support the division of people in the society in relation to their class. III. Conclusion In Capitalism, the means of production or resources are privately owned while in communism these resources are owned by the society. Capitalism presents that the amount of benefit that one gets within the economic system is determined their input and enjoyed alone. On the other hand, in communism there is equality in doing work and sharing of the benefits as well. Capitalism promotes private ownership whereas communism stands for communal ownership of property. Differences in class and status in the society is founded on capitalism whereas communism offers equality whereby the society or community is class less.

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