An economic system is a production system that deals with the distribution of goods and services within a society or a specific geographic area. Two of the most popular economic systems to emerge in recent centuries, capitalism and communism, have been used throughout the world. Those in authority in different countries are generally allowed to choose the kind of economic system they would like for their people. In some countries, people have a say in what type of system to use, but in other countries it's still a big deal where people have no say. I believe this decision should be made altruistically and everyone should be able to have their input in some way, shape or form. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Capitalism is an economic system in which private individuals own and control the trade and industry of the economy, to make a profit. While there are rules, the government cannot interfere with your business. You have your own individual rights when it comes to what you own. It is a free and competitive market that belongs exclusively to the individuals who started it. That said, everyone has to work to earn money for themselves. How much you get paid depends on where you decide to work. Companies have the authority to choose how much their products cost, but supply and demand play a significant role in this decision. The advantages of capitalism are ownership of property, accumulation of wealth, a free and competitive market, self-interest, and minimal government intervention. Capitalism affects businesses, society and individuals in a continuous cycle. Companies exploit the working class through their products and/or services. In essence, 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 trigger this idea. Everyone in society works towards a common goal, but for the same pay. Therefore there is no class distinction, everyone is considered equal. Communism aims to eliminate the gap between rich and poor and establish a middle ground in the economy. This system also follows a repeated cycle. The government controls everything and the profits are distributed equally among all members of society. It cannot influence companies/businesses because they are non-existent. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Communism and capitalism are both popular economic systems, dealing with trade, industry in the economy, and real estate. Both systems have pros and cons. In capitalism, the distribution of wealth is uneven, as everyone earns with their own money. While the rich get richer, the poor get poorer. On the other hand, in communism, there is an equal distribution of wealth, but it does not allow individuals to own personal property. Communism attempts to eliminate capitalism from the economy, as it was introduced, as a response to the injustices of capitalism.