I think capitalism is better for it is less prone to abuse.It provides us with better chance of equality.It promotes greed,a basic human emotion due which we have progressed.On other hand communism tells us to servile to govenment and remain always as were born.Capitalism tells us to rise,progress and develope as a individual.
Both previous posts do a very good job in explicating the conditions of both forms of economics. Capitalism might be more prone to being modified so that its negative attributes can be offset to a certain extent. For example, labor unions and worker's rights are elements that have been integrated into capitalism that do not take away from productivity of economic growth, yet do allow for its inherent elements to flourish. Communism, in theory, is so rigid in terms of its collectivization notion in that it is very difficult to interject an offseting element that allows an individual to be shielded from the terror of the communal majority.
Capitalism encourages entrepreneurship and free enterprise, which are both positives. However, capitalism by itself provides no safety net for those who are unable to compete economically. For example, mentally disabled adults who require care and supervision would become homeless under a purely capitalist system and would starve without private intervention.
On the other hand, communism ensures that everyone in a society is cared for and receives at least a subsistence share in the collective enterprise, which is a positive. However, there is no incentive for individuals to compete to be “the best,” because everyone will share in the benefits.
Both absolute capitalism as well as absolute communism are theoretical concepts that do not exist in real life. Theory of capitalism assumes the existence of perfect competition, while communism assumes that a complete society can be managed effectively by a completely centralized agency. Both these assumptions are not valid. The only practical solution is to have a combination of the two. Thankfully all countries have realized this fact and are slowly and surely moving towards an optimum balance.
Trying to compare flaws of capitalism and communism is an exercise in futility. It is like comparing an atmosphere with no oxygen in it to one with 100% oxygen and no nitrogen or any other gases. Not only that both these extreme theoretical conditions cannot exist in reality, if at all these could exist, life will be impossible on this earth. What we need is the current balance of the two. It is meaningless to debate on which of oxygen or nitrogen is better for life, or to say that nitrogen is better than oxygen because we need four part of nitrogen and only one part of oxygen.