capitalism:individuals/businesses own property and means of production; progress happens when individuals follow self interest; competition creates new and better products. Businesses compete for buyers by offering a better product for less; government should not interfere in economic matters, because competition creates progress and innovationsocialism:public/state own property/means of production; progress happens when community of producers cooperate for good of all; Believes capitalism takes advantage of workers. state must act to protect workers; government should distribute all goods according to each person's needscommunism:people will revolt, seize factories, and produce only what society needs; people own property/means of production; after period of cooperative living and education, government dissolves into a classless society; All goods and services shared equally

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