What is the political philosophy of capitalism and communism?

Capitalism is a political philosophy that emphasizes private ownership of the means of production, individual economic freedom, and minimal government intervention in the economy. It promotes competition and market-driven solutions, which are believed to foster innovation and efficiency. In contrast, communism advocates for collective ownership of resources and means of production, aiming to eliminate class distinctions and ensure equal distribution of wealth. This philosophy seeks to create a classless society where the state plays a central role in planning and controlling economic activities to meet the needs of all citizens.