Karl Marx may have been the pioneer, but many other Jews were also involved in the struggle for communism, particularly in the early days of the Russian revolution. Personally, I don’t think that we have any apologies to make for this phenomenon. Having suffered unbearably under successive oppressive regimes, many of those political activists genuinely thought communism would be better for the people than czarist corruption. Their sense of idealism fueled hopes for a better life and a more equitable future for all. On paper, communism was a good idea. The fact that it failed—and that the new leaders outdid their predecessors’ oppression—may reflect the personalities involved as much as the system they promoted.
What is Judaism’s economic system? Is there one? I would describe it as “capitalism with a conscience.” In promoting free enterprise, the Torah is clearly capitalistic. But it is a conditional capitalism, and certainly a compassionate capitalism.
From Chabad.org, here.