Explain what is meant by "the battle between communism and capitalism" 13

seconds into the video. Be sure to give a brief definition of communism and

capitalism.

Communism : Welfare Oriented; Capitalism : Growth Oriented

Explanation:

Communism is the ideology of social organisation : which states that resources should be owned, managed, distributed by community.

Capitalism is the socio economic, political system, in which resources are privately owned. They are managed & distributed as per market driven interests.

Communism is a theory focusing on human welfare, Capitalism is a theory focusing on profit maximisation. Their ulterior guiding motives make them battling concepts. As, communism theorists argue against capitalism, that it is against social justice. Capitalism theorists argue against communism, that it is against growth.

A solution to winning this battle by a mediator approach is : Mixed Economy model, which includes the positive characteristics of both the models. It strikes the balance between growth & welfare objective.