1984 ISMs 12232021 1 Capitalism n n 12232021

1984 -ISMs 12/23/2021 1

Capitalism n n 12/23/2021 An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market Merriam Webster: a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc. ) are owned by individual people and companies rather than by the government 2

Socialism n n n 12/23/2021 Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods A system of society in which there is no private property and all means of production are owned and controlled by the state Merriam Webster: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual 3 people and companies

Communism n n 12/23/2021 A theory advocating elimination of private property; a system in which goods are owned in common and are available to all as needed Merriam Webster: a way of organizing a society in which the government owns the things that are used to make and transport products (such as land, oil, factories, ships, etc. ) and there is no privately owned property 4