Distinguish between Capitalist Economy and Socialist Economy. – InterviewSolution

1.

Distinguish between Capitalist Economy and Socialist Economy.

Answer»

Capitalist Economy	Socialist Economy
(i) Ownership and management of means of production is in the hands of the private individuals.	The means of production belong to the society as a whole and are under the control of the government.
(ii) To earn maximum profit is the main aim of the Capitalist Economy.	To achieve social welfare is the main aim of the Socialist Economy.
(iii) The USA, Germany and Japan have Capitalist Economy.	Russia and China have Socialist Economy.

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