Communism

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What is Communism?

Communism is a system of government in which a single political party controls both the government and the economy; also, the theories developed by Karl Marx regarding the development of an ideal, classless society.

Information about Communism

Advantages

  • Full employment
  • No economic recessions
  • Greater income equality
  • Greater economic security


Disadvantages

  • Inefficient use of factors of production
  • Slower or stagnant economic growth
  • Low quality goods and services
  • Lower standards of living

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Communist Countries