Regulatory capitalism tells us simply that capitalism is a regulatory institution—one that is being constituted, shaped, constrained and expanded as a historically woven patchwork of regulatory institutions, strategies and functions.

America’s is a mixed economy and so are Scandinavian countries’. Second, the United States does not have a strictly capitalist economy, but a mixed one. As such, it combines a high level of private ownership of capital and the means of production with relatively onerous regulation and taxation.

Any economy is capitalist as long as private individuals control the factors of production. However, a capitalist system can still be regulated by government laws, and the profits of capitalist endeavors can still be taxed heavily.

The United States is often seen as having a democratic capitalist political-economic system. Democratic capitalism, also known as capitalist democracy, is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based economy that is based predominantly on a democratic polity.

The most basic freedom is the freedom to make choices. Capitalism promotes choice. It promotes the ability of people to decide what they want to buy, how much they want to buy, where they want to live, where they want to work, and so on. With other economic forms such as socialism, choices are limited.

The advantages of capitalism include: Consumer choice – Individuals choose what to consume, and this choice leads to more competition and better products and services. Efficiency of economics – Goods and services produced based on demand create incentives to cut costs and avoid waste.

Communism has a centrally planned economy; it can quickly mobilize economic resources on a large scale, execute massive projects, and create industrial power. It can move so effectively because it overrides individual self-interest and subjugates the welfare of the general population to achieve critical social goals.

1. The government owns everything, including property, businesses, and production means. The most significant disadvantage of communism is the fact that it eliminates the free market from domestic society. That means there are no laws of supply and demand available to set the prices for consumers to pay.

Communism is a type of government as well as an economic system (a way of creating and sharing wealth). In a Communist system, individual people do not own land, factories, or machinery. Instead, the government or the whole community owns these things. Everyone is supposed to share the wealth that they create.

Communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society. …

Karl Marx

What are the Important Characteristics of Communism

• Abolition of Private Property.
• Collective Ownership of Means of Production.
• Central Planning.
• Elimination of Unfair Gaps in Incomes.
• Provision of Necessaries of Life.

According to communist writers and thinkers, the goal of communism is to create a society without a government or a system of classes, and to end capitalism.

Nevertheless, six defining characteristics of Communist ideology are identified and elaborated—the monopoly of power of the ruling Communist party; democratic centralism; state ownership of the means of production; centrally planned rather than market economy; membership of an international Communist movement; and the …

A communist society is characterized by common ownership of the means of production with free access to the articles of consumption and is classless and stateless, implying the end of the exploitation of labour.

Marxists believe that if the working class makes itself the ruling class, and destroys the basis for class society (private property, or what Marx called “Bourgeois Property”), there will be a “classless society.” In a Marxist society, no social classes are in conflict, and there is no government anymore.

2 The hypothesis is briefly this: there are at least three different components in Communist ideology, and above all in Communist philosophy – the basic dogma, the systematic superstructure, and the declassified doctrines.

Communism is usually distinguished from socialism since the 1840s. The modern definition and usage of socialism settled by the 1860s, becoming the predominant term among the group of words associationist, co-operative and mutualist which had previously been used as synonyms.

Luxemburgism is a specific revolutionary theory within Marxism and communism based on the writings of Rosa Luxemburg.

On the political spectrum of Marxism, Trotskyists are usually considered to be towards the left. In the 1920s they called themselves the Left Opposition, although today’s left communism is distinct and usually non-Bolshevik.

Marxism–Leninism is a communist ideology and the main communist movement throughout the 20th century. Generally, Marxist–Leninists support proletarian internationalism, socialist democracy and oppose anarchism, fascism, imperialism and liberal democracy.

Bolshevism (from Bolshevik) is a revolutionary Marxist current of political thought and political regime associated with the formation of a rigidly centralized, cohesive and disciplined party of social revolution, focused on overthrowing the existing capitalist state system, seizing power and establishing the ” …

Leninism is a political ideology developed by Russian Marxist revolutionary Vladimir Lenin that proposes the establishment of the dictatorship of the proletariat led by a revolutionary vanguard party, as the political prelude to the establishment of communism.

Marxist–Leninist states

Maoism, or Mao Zedong Thought (Chinese: 毛泽东思想; pinyin: Máo Zédōng sīxiǎng), is a variety of Marxism–Leninism that Mao Zedong developed for realising a socialist revolution in the agricultural, pre-industrial society of the Republic of China and later the People’s Republic of China.

The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state-run, and it lacks a stock exchange. Healthcare and education are all completely managed and administered by the government.

Socialism is an economic and political system where the workers own the means of production (i. e. farms, factories, tools, and raw materials.) Socialists believe that everything in society is made by the cooperative efforts of the people and citizens.