Jan 31, 2016

What's really wrong with capitalism, socialism and communism?

Let us have a quick look at the definitions of capitalism, communism and socialism. What is glaringly missing from these systems?

What is capitalism?
According to Merriam Webster's definition of capitalism, it is an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

What is communism?
It is a way of organizing a society in which the government owns the things that are used to make and transport products (such as land, oil, factories, ships, etc.) and there is no privately owned property.

What is socialism?

1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
a : a system of society or group living in which there is no private property
b : a system or condition of society in which the means of production are owned and controlled by the state
3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done

What is glaringly missing?
These big ideas talk about who owns the production means, who make the decisions on what to produce, and who make the decision on how to distribute the goods.

What is missing? Nobody talks about who gets the profit.

With capitalism, the capitalists take the profit. With communism, the government takes the profit. With socialism, the government and capitalists take the profit. What about the common people?

The common people never get the profit. That's why capitalism, socialism and communism are all failed systems.

What is the solution?

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