Communism vs Laissez-Faire Capitalism

Both of these opposing theories are very extreme and, for what it's worth, don’t exist in any modern economies anywhere around the world today, despite what some nations might have you believe. 

In this episode of Economics Explained, we'll explore the following questions:

So what are the economic arguments for and against a communist economic system? 

What are the economic arguments for and against a completely free market?

Are there any examples of these extreme systems actually working throughout history?

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