With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism.   Then explain the pros and cons that each hold.

Capitalism is an economic system based on private ownership of capital the pros of capitalism are thatcapitalism promotes economic growth by providing an open competition in the market. some cons would be the fierce competition brought about by capitalism as its major drawback.
Socialism is a political theory advocating state ownership of industry some pros of socialism are mostly about sharing between people. In many ways, it is about distributing the wealth of a nation to the masses so that there is not a broad class. some cons of socialism would be that people don't necessarily like to share. In addition, we have difficultly relating to socialism in American because the capitalistic system is all about the individual and singular life.
Communism is a form of socialism that abolishes private ownership.Communism has a number of advantages and disadvantages. From the political science point of view, communism is a system where the property and profit are based on public ownership. Therefore, one of the major advantages of communism is the equality. In a non-communist scenario, the property and the profit belong to individual. According to these profits, properties and a number of other factors, these individuals are different.