Communism - The government controls all aspects of citizens lives, no private ownership of business is allowed, central planners decide what crops and industries will produce what. Standard of living is low., Socialism - The government controls some industries but private businesses are allowed, free services are provided with higher taxes. The standard of living is stagnant (stays the same). , Capitalism - Citizens have freedom to spend and invest money as they choose, private businesses are encouraged, supply and demand drives industries. The standard of living is high.,

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