Socialism, Capitalism, Communism – What does it all mean?.

Socialism – Is a broad set of economic policies that advocate state and public ownership or administration of the means of production. Karl Marx, the father of communism stated that socialism is the transition between capitalism and communism.

Capitalism – Is a broad set of economic principals in which the means of production are owned and controlled privately. All means of production and services are decided by a free and open market economy.

Communism – Is a socioeconomic structure in which there is a common ownership of the means of production. Communism works toward a classless, stateless society.

The United States is a “capitalist” or more accurately described “capitalist mixed economy”, which means the means of production are both owned privately and publicly. It seems to be getting more socialist as the government intervenes on a more regular basis, like the “they are to big to fail” bailout. True capitalism would let the market decide if they are to big to fail. Please let the markets decide.