Abstract
‘The economic system of communism’ explains the differences between the economies of Western systems and those of Communist ones. All western systems were (and remain) basically capitalist, with a predominance of private ownership and the market, rather than the state, determining prices. The nature of state ownership in Communist states is examined, as well as the existence of small private markets. The disadvantages of centrally planned economies are discussed, such as the fact that some groups had unequal power to pursue their interests in most Communist systems. By the 1960s, many Communist leaderships were recognizing the need to address problems in their economies.
