What is the difference between Capitalism and Communism

What is the difference between Capitalism and Communism

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How long have you got? Communism has been described as the shortcut to socialism, but the key difference is probably their attitude towards markets. Under capitalism, good and services are provided by the 'invisible hand' * of the free market i.e if there is a need for something and it can be profitably supplied, then someone will arrange for the production and supply of that good/service. Under Communism, the free market is replaced by central planning for the delivery of the required goods/services by a central authority, usually the Government.
parkfields
29 June 2011
Adam Smith (Wealth of Nations)
parkfields
29 June 2011
jon.ellis
29 June 2011
This video explains some of the differences
jon.ellis
29 June 2011
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