WORLD HISTORY

Detailed explanation-1: -Communism is based on the equal distribution of wealth. The tenet of Marxian communism was “From each according to his ability, to each according to his need.” Everyone in society receives an equal share of the benefits derived from labor, e.g., food and money.

Detailed explanation-2: -Communism is an economic system where the group owns the factors of production. The factors of production are labor, entrepreneurship, capital, and land. 1 Although the government doesn’t legally own the labor force, the central planners tell the people where they should work.

Detailed explanation-3: -List of Communist Countries. Only five examples of Communist countries exist at present. Nevertheless, they have adopted communism as their standard form of government: communism in China is one of the most popular examples. Other examples include North Korea, Laos, Cuba, and Vietnam.

Detailed explanation-4: -The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.

Detailed explanation-5: -The primary difference explained in capitalism vs communism is that capitalism is an economic system that allows private ownership and promotes the idea of a free market; in contrast, communism favors collective ownership and restricts the free market with government intervention portraying a planned economy.