Question

Which of the following statement(s) do you think might not be true about capitalism and communism?

• A. Capitalism stands for society above individual.
• B. Communism believes in abolishment of class and religion in the society.
• C. Though the ideologies of both are different, they can go hand in hand.
• D. In capitalism, the economy is completely controlled by the government.

Answer 1

Answer: (A), (C), (D)

In capitalism, the economy is completely controlled by the government.

Both the ideologies of communism and capitalism are poles apart and thus, they cannot function together. Communism belives in society above individual while capitalism favours individual freedoms above society. In communism, economic planning is done by the government while capitalism believes in a free-market economy. In capitalism, the economic resources are owned by private individuals without any interventions by the government.