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Karl Marx and Frederick Engels were philosophers, political theorists, and economists responsible for writing the communist manifesto, which is today probably the most widely recognized text outlining a system for a communal economy.
An economy where work is done to fulfill the needs of one's community rather than to satiate personal desires. An economy where goods and services are distributed by needs rather than by means.
An economy where people could not rest on the laurels of being land or capital owners to get by without ever needing to contribute any personal effort.
This system lies in direct contrast to the other extreme of the economic spectrum which is Laissez-Faire Capitalism.
Laissez-Faire fair literally translating from french to let it be or leave alone pretty much sums up this economic system. It advocates for leaving capitalism alone entirely to do it’s thing because no government can allocate resources as efficiently as the free market.
Both of these opposing theories are very extreme and for what its worth don’t exist in any modern economies anywhere around the world today, despite what some nations might have you believe.
So what are the economic arguments for and against a communist economic system?
What are the economic arguments for and against a completely free market?
And finally
Are there any examples of these extreme systems actually working throughout history?
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