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Capitalism vs. Communism - Essay Example

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Capitalism vs. Communism Author’s Name Institutional Affiliation Abstract This document covers the history of capitalism and communism from the ancient times. It distinguishes the underlying concepts between capitalism and communism, where capitalism is driven by market forces to enable competition and control demand and supply, while communism emphasizes on communal ownership of resources…
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Capitalism vs. Communism

Download file to see previous pages... This was later followed the trade prosperity of European trade and agricultural revolution. Influential figures in capitalism included Medici of Florence, Karl Marx, Adam Smith, Jacques Coeur, Marco Polo, and Anthony Giddens. Communism on the other hand can be traced back to the early Christians and religious groups, the golden age in Greece, the manorial system in the middle ages, and modern communism. The influential people in communism include Sir Thomas More of England, Gerrard Winstanley, Karl Marx, Friedrich Engels, Lenin, Emmanuel Kant, and Jean Jacques. Finally, the influence of the respective philosophers’ in the modern day and age is explained. Keywords: Communism, Capitalism, Christians, Trade, Agriculture Revolution, Private Property, Lending, Profits, Labor, Demand, Supply, Resources, Community, Competition, Land, Government, Economic, Philosophers What is Capitalism? It is a system that continues to be practiced in the world, despite its lack of a standard definition. Basically, it is a political and economical system with an ideology of the market (supply and demand) being at the core of the single system of economic governance (Scott, 2009). Individuals can own economic resources as properties from which more wealth can be generated upon investment and production. Competition for resources is spurred up by the system, creating more wealth and capital, and facilitating personal growth and development. In a broad perspective, “capitalism is organized such that produced goods and services, down to the least basic necessities of life, are produced for valuable exchange, where even human labor-power is a commodity for sale in the market, and where the market determines all economic actors ” (Wood, 2002, p. 6). Capitalism thrives in the event of competition, individualism, and where a system of checks and balances exist to achieve benefits in the marketplace and retain their market share. Origin of Capitalism and Influential People in Capitalism The periods during the18th and 19th century are marked by many as the time of the emergence of capitalism. However, the previous centuries show some aspects of the conception of capitalism. During these earlier periods, the emergence and advancement capitalism can be explained through the accounts of historical developments of human activities in search for development, acts of earlier exchanges, more production, and success through wealth creation. Since capitalism is embedded on creating more wealth, the idea of usury earlier established in the middle age and as practiced by the people introduced the act of lending at interest for more profits. Although rejected by the church during the period, it in practice indicated that given the opportunity, capitalism would have thrived earlier in the period (Backend, 2010). These acts during the time can be said to be roots of capitalism. Another kind of activity that relates to capitalism due to creation of wealth was the prosperity of Europe through trade with other continents. The 13th and 14th centuries are recorded as the successful periods of trading activities between the trading partners (Afro-Euro-Asia, Europeans, Arabians, Chinese and the Mongols), where merchants and other traders risked their resources to purchase more resources that they would later exchange for other ...Download file to see next pagesRead More
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