How does a Communist Economy Work?
The belief that the society is more important than an individual in a communist economy, means that each individual is supposed to work as per his or her capacity, and gets paid as per his or her needs. In this type of economic system only those goods and services are provided which the individuals need, instead of those which they want. In a pure communist economic system, all the resources are publicly owned. This is done with the belief that the public ownership of resources minimizes the inequalities in wealth distribution, and helps in realizing the desired social objectives. Communist Economy Advantages and Disadvantages The biggest advantage of the communist economic system is the fact that everybody has what it needs and each citizen of the society contributes to the development process as per his/her capacity. More importantly, the economic disparities are also abolished, and economic stability is achieved. Coming to the loopholes, this system doesn’t take into consideration t
