Chapter 23

Capitalism-An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.

Socialism -A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

Communism-A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.