Capitalism or Communism?
Karl Marx and Friedrich Engels in their book Communist Manifesto enumerate ten planks that bring forth socialist dictatorship. This can be through revolution or other means. For instance, the French Revolution culminated to the abolishment of feudal property. He called for the private property abolition and inheritance rights concerning land as well as application of land rates and rent. Marx Friedrich also roots for a graduated or progressive income tax. Property owned by all rebels and emigrants should be confiscated. He also advocated for centralization of credit using a national banks with exclusive monopoly and state capital.
Centralization of means of transportation and communication is also an important plank. Extension of production instruments and factories under state ownership towards wastelands cultivation and soil improvement is essential. In the Communist Manifesto, Marx and Friedrich advocate for work for all and presence of industrial armies. Combining manufacturing and agriculture industries is important too. Lastly, Marx and Friedrich champion free education for every child in public schools.
Capitalism is predicated upon a number of salient features. First, it roots for right to own private property. In this regard, people can use, buy and sell land, inventions, machinery et cetera. Rebels and emigrants should not possess any land. Property can be inherited too. At this point, communism and capitalism differ. Communism advocate for abolition of private property and the right to inherit property. About 90% of Egyptians hold property bereft of any legal title. They cannot build wealth. The second foundation of capitalism is the right to own businesses and retain profits, which serve as incentives to them.
Thirdly, there is competition in free markets. These markets provide an avenue for appropriation of products and services. There is no free selling and buying in communist economic systems. Lastly, people have freedom of enterprise and choice. In essence, people have the freedom to choose can hire and buy economic resources. This enhances consumer sovereignty. In some capitalist economic systems, the government provides essential services – health and education – like in communism. The income tax system is also heavily progressive in both communism and capitalism. Like communism, capitalism leads to development of private monopolies.
In conclusion, my life is different due to capitalism for many resources. To begin with, it gave me a chance to own, control and even to dispose my own property. My family equally owns property. Towards this end, we have the freedom of enterprise and choice as far as buying economic resources is concerned. Our economic system does not provide merit goods like education sufficiently. For this reason, in spite of government subsidies, I have to pay my own fees. Again, there are considerable wealth and income inequalities in my community.