Capitalism vs Communism – Reading + Video Analysis

Communism and capitalism are two contrasting economic and political systems that have been the subject of much debate and comparison throughout history.

Communism is a system in which all property is publicly owned and each person works and is paid according to their abilities and needs. The goal of communism is to create a classless society where wealth and resources are distributed equally among all members. Capitalism, on the other hand, is a system in which individuals and businesses own property and produce goods and services for profit. In a capitalist system, prices are determined by supply and demand, and individuals are free to pursue their own self-interest through entrepreneurship and competition. Proponents of communism argue that it is a fairer and more equitable system, as everyone is provided with the same basic necessities of life and has equal access to education and healthcare. They believe that capitalism creates inequality and promotes greed, leading to exploitation of the working class by the wealthy elite. Advocates of capitalism, however, argue that it promotes innovation, growth, and economic freedom, leading to a higher standard of living and greater prosperity for all members of society. They believe that communism stifles creativity and individual initiative, and that the government control necessary for communism leads to corruption and inefficiency.

Ultimately, the debate between communism and capitalism is one of competing values and priorities. While communism values equality and social welfare, capitalism values economic growth and individual freedom. The best system for a given society may depend on a variety of factors, including cultural values, historical context, and political climate.

Students start off by taking a 10 question survey. They select "agree" or "disagree" with various statements regarding economic policies. Students also look at a chart comparison of Capitalism vs Communism. At the end of the activity the students tally up their points on the questions, and they are able to see if they identify with "capitalists" or "communist" ideology based on their answers.

Students then read about each economic system (reading is provided - very short and student friendly). Lastly, students connect the information to the economic effects of capitalism on the United States, and they reflect on the unequal distribution of wealth in this country after watching a short 5 minute video (video link included).

Thumbnail and product Clipart Credit: By Prince Padania