1.
The dictionary definition of Capitalism : An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
The dictionary definition of socialism : A political and economic theory of social organisation which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
The dictionary definition of Communism : A theory or system of social organisation in which all property is owned by the community and each person contributes and receives according to their ability and needs.
2. The main principals of Capitalism are that the economy's main purpose is to generate profit and that there are no limits to growth and wealth accumulation so the rich get richer and the poor get poorer.
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