The Major Problems with the Philosophy and Practice of Communism
Communism refers to an economic system where the group takes charge of the factors of production- natural resources, labor, capital goods, and entrepreneurship. In most states, the group is represented by the government (Covarrubias, 2017). Although a government system does not legally own the labor force, the central planners inform individuals on points of work. The theory of communism was developed by a German philosopher, Karl Marx, who inferred “from each according to his ability, according to his need.” In his idea, capitalistic owners would never get a chance to siphon available profits.
The most significant problem with the practice of communist stems from the idea that it eliminates the free market. Instead of setting prices using the law of supply and demand, the government does. As a result, planners fail to get hold of the valuable feedback these rates provide and what the market wants. Another significant issue………………………………………………………………….