Capitalism and communism are two contrasting economic and political systems with different characteristics. Capitalism is an economic system based on private ownership and profit, where individuals can own property, start businesses and compete in the marketplace. The upsides of capitalism are opportunity for wealth, innovation, efficiency and market flexibility. However, it also has downsides such as income inequality, lack of access to goods and services, environmental degradation and financial instability. Communism is an economic and political system where the means of production and distribution are owned and controlled by the community with the goal of equality and fairness. The upsides of communism include equality, access to goods and services and collective decision making. However, it also has downsides such as lack of incentives, centralized decision making, suppression of individual freedoms, and inefficient allocation of resources. Most countries have mixed economies that include elements of both systems.
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