With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism. Then explain the pros and cons that each hold.
**In capitalism, the means of production and the distribution of wealth are largely privately owned and operated instead of handled by the government. In socialism, the means of production and distribution of wealth are increasingly owned by the community as a whole. In communism, all property is held in common, and you'll tend to end up with a single authoritarian government without political parties, without government turnover, etc.
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