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Transcript of Shirly Corrales
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
An Example :
Republic Of Cuba
Current complete communist states:
In a Communist system, the central authority dictates the means and quantity of production, and places strict rules on businesses.
Since there is no competition amongst firms, each is given the same amount of money and each worker is paid the same, with the same expectations of each.
All businesses are ultimately owned by the government.
Populations tend to be treated homogeneously, meaning that common goals or sets of rules will not apply to different segments of the population and community.
The economic and political system of Communism effectively dictates what can and cannot be done in the realm of business. There are defined limitations for the amount a business can produce and how much money it can earn.
There is also inefficient allocation of resurces because prices are artificial, there is no signal to producers and consumers to produce and consume so that there is economic efficiency.
Labourers have little incentive for hard work, resulting in decrease in productivity.
There is also failure of quality control resulting in poorer quality goods, as well as destruction of the environment as firms only aim to meet their target for production without taking the pollution they produce into consideration.
The most important disadvantage is that people don't have an incentive to work hard.
Personal liberties are also very limited under communism.
There is no freedom of speech.