Compare the features of socialistic &capitalist economies
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Capitalism is a market-driven economy. The state does not intervene in the economy, leaving it up to market forces to shape society and life. Socialism is characterized by state ownership of businesses and services. ... Most countries are mixed economies, falling in between the extremes of capitalism and socialism.
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A socialist economy is characterised by public ownership of the means of production and distribution. There is collective ownership whereby all mines, farms, factories, financial institutions, distributing agencies (internal and external trade, shops, stores, etc.), means of transport and communications, etc
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