Pros And Cons Of Communist Theory And Communism

Capitalist theory and communist theory have significant opposing views on two major issues; overtime for employees and the scope of government regulation. The etiological foundation of capitalist theory is centered on the free market and personal economic liberties. Capitalism embraces the amassing of revenue, free enterprise, and rivalry; giving the business owner more power and ownership. Communist theory fixates on the awareness of the contributions and influence of the working lower class in society. This theory maintains that balance is achieved through community management of the economy and the uniform dispersal of capital. It envisions a society without social hierarchy or government control founded upon the dogma, “From each according to his ability, to each according to his needs” (Encyclopedia Britannica, 2015). Communism also places a greater emphasis upon equitable working conditions for the lower class by standardizing working …show more content…
Capitalist theory reinforces the belief that the government should have little to no regulation of businesses. This encourages commercialism and private enterprise, a no holds barred approach to business operations. Communist theory takes the stance that a lack of government regulation contributes to abuses of power and arbitrary working conditions for the proletariat.
Both capitalism and communism have their pros and cons. Capitalism engenders economic freedom, growth and efficiency, however, it also creates a monopoly of power and marked class divisions. Communism removes the barriers of class distinctions and gives equal opportunities for employees; however, it removes the natural drive for ambition and stifles industrial growth. “The most powerful single force in the world today is neither Communism nor capitalism, neither the H-bomb nor the guided missile—it is man’s eternal desire to be free and independent” (John F. Kennedy,