What are the major differences between capitalism, socialism, and communism?

Capitalism, socialism, and communism are three different economic systems that differ in terms of their principles, values, and practices.

Capitalism is an economic system in which the means of production are privately owned and operated for profit. The central ideas of capitalism include free markets, competition, and the pursuit of profit. Under capitalism, individuals and companies are free to own and use property as they see fit, and the market determines the prices of goods and services.

Socialism is an economic system in which the means of production are owned and operated by the state or by the workers themselves. The central ideas of socialism include public ownership, social welfare, and economic planning. Under socialism, the state or the workers control the distribution of goods and services and the prices of these items are usually set by the government.

Communism is an economic system in which the means of production are owned and controlled by the community as a whole. The central ideas of communism include communal ownership, common welfare, and the abolition of private property. Under communism, the state or the community controls the distribution of goods and services, and there is no market for goods and services.

While all three systems share the goal of creating an economic system that is fair and efficient, they differ in their approach to achieving this goal. Capitalism focuses on individual freedom and competition, while socialism emphasizes social welfare and economic planning, and communism prioritizes communal ownership and the abolition of private property.