Question

Define Socialism. How is it different from Capitalism?

Answer 1

Answer:

Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

Explanation:

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Answer 2

Socialism

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Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and democratic control or workers' self-management of enterprises. It includes the political theories and movements associated with such systems.

Explanation:

Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

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