Ideals: Communism vs Capitalism

Capitalism and communism have been in a battle for the political soul of the earth since WWI. But what are they? What does each stand for?
Capitalism is about individualism. It gives the rights and responsibilities to the individual. Communism is all about the collective. The rights and responsibilities belong to the administrator.
Capitalism gives every person the right to pursue happiness and profit for their achievements. Communism takes the collective profit from all the achievements and then distributes those among everyone.
Capitalism functions best when government is small and the individuals all take ownership of their own works and lives. Communism requires a large centralized government which controls the lives of its constituents.
Capitalism nuetralizes corruption through competition. Communism centralizes corruption though governance.
Capitalism is the invisible hand. Communism is the heavy hand.
Capitalism creates wealth in waves. Communism depletes wealth in waves.

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