capitalism: a free enterprise economy based on profit and loss of capital. Pros: freedom to start own business, profit. Cons: threat of monopolies and trusts, greater risk of loss.
socialism: economy based on equal distribution of wealth among society. Pros: working class has more power, individuals don't hold almost all the wealth. Cons: too much bureaucracy, less gets done.
communism: economy with collective, or state ownership of land and other productive property. Pros: ideally there would be no social classes or exploitation of labor. Cons: very little freedom, too much govt. control.
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