Distinguish between socialism and captilism

1.	Distinguish between socialism and captilism
Answer» (i) Capitalist economic system is an economic system based on private ownership of the means of production and their operation for profit. Socialist economic system is an economic theory of social organisation that believes that the means of making, moving, and trading wealth should be owned or controlled by the community as a whole.(ii) The capitalists believed that individuals owned private property whereas the socialists believed that all property belonged to the society as a whole, i.e., to the state.(iii) The capitalists believed that the profits from the property should belong to the property\'s owners, whereas the socialist believed that profits are due to the workers\' labour and so should be shared by them.(iv) There is little or no government interference in capitalist economy, while government controls everything in socialist democracy.

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