Capitalism promotes private ownership and free market, while communism favors collective ownership. Capitalism relies on market forces, while communism operates through government planning. Capitalism emphasizes profit motive and innovation, while communism focuses on collective responsibility
Socialism owns means of production publicly, while capitalism privately owns them. Socialism aims to eliminate income inequality through government control. Capitalism relies on supply and demand, while socialism controls prices
Capitalism is based on private ownership and profit-driven production. It features private property, competition, and wage labor. Capital accumulation drives economic growth through market mechanisms. Markets determine prices and distribution through competition
Capitalism emerged from conflict between aristocracy and serfs in Late Middle Ages. Feudal manors limited market development and stifled technological innovation. Enclosure of common land in 16th century created landless working class
Bourgeoisie emerged in Late Middle Ages as middle class between peasants and aristocracy. Term derived from Old French "borgeis" meaning "town dweller". Initially linked to liberalism and urban charters, not just rural peasants
Means of production refer to necessary assets for society's production. Includes classical factors (land, labour, capital) and infrastructure. Can be expanded to include distribution and exchange