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Archive for December 16th, 2008

I recently posted a comment to a report on the toy industry in China and the impact a recession has had on it. In part, I wrote –

Our economy is circling the toilet because greed has fueled the business world for so long we don’t know the difference between capitalism and communism. 

The mere mention of communism should have been a red flag, and I was surprised when no one challenged me to explain the difference between the two systems.  Most of the people who comment these news stories are “leaners.”  That is, they lean left or right and the middle ground is underrepresented.  I suppose they have better things to do than engage in a battle of wits with unarmed opponents.  I didn’t at the time.  Here is what I think the real difference between the two systems is.

When I look in Wiki, I find capitalism defined as “. . . an economic system in which land, capital goods, and other resources, are owned, operated and traded chiefly by private individuals orcorporations for the purpose of profit.”  Communism was defined as “. . .  a socioeconomic structure and political ideology that promotes the establishment of an egalitarian, classless society based oncommon ownership of the means of production and property in general.”

I see capitalism as a system where the people share wealth and power with a government they control, and communism as a system where the government controls the people by restricting wealth and power.

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