An economic system is a system of production that deals with the distribution of goods and services within a given society or geographic area. Two of the most popular economic systems that have emerged in recent centuries, capitalism and communism, have been used around the world. Those who hold authority in different countries are generally allowed to choose the type of economic system they want for their people. In some countries the population has a say on the type of system to be used, but this remains a major problem in other countries where the population does not have a say. I believe this decision should be made selflessly and everyone should be able to have their input heard in one way or another. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Capitalism is an economic system in which individuals own and control the commerce and industry of the economy, with the aim of making profits. Even though there are rules, the government cannot interfere with your business. You have your own individual rights regarding what you own. It is a free and competitive market that is owned solely by the individuals who started it. That being said, everyone has to work to earn money. The amount of your salary depends on where you decide to be employed. Companies have the power to choose the price of their products, but demand and supply play an important role in this decision. The advantages of capitalism are ownership, wealth accumulation, a free and competitive market, self-interest, and minimal government intervention. Capitalism affects business, society and individuals in a continuous cycle. Corporations exploit the working class through their products and/or services. Essentially, workers are the producers and buyers of these services. Everyone is alone in this economic system. Communism is a form of socialism in which the government owns and controls the means of production, resources, and property. Karl Marx, a German philosopher, was one of the main sociologists to introduce this idea. Everyone in the company works for a common goal, but for the same pay. There is therefore no class distinction, everyone is considered equal. Communism aims to eliminate the gap between rich and poor and establish common ground in the economy. This system also follows a repeated cycle. The government controls everything and income is distributed equally among all members of society. This cannot affect businesses because they are non-existent. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a personalized essay. Both communism and capitalism are popular economic systems, dealing with commerce and industry. economy and property. Both systems have advantages and disadvantages. In capitalism, the distribution of wealth is unequal, because everyone earns their own money. While the rich get richer, the poor get poorer. In contrast, in communism, there is an equal distribution of wealth, but it does not allow individuals to own personal property. Communism attempts to eliminate capitalism in the economy, as it was introduced, in response to the injustices of capitalism..