Question

Difference between Capital economy and socialist economy??????

Answer 1

Capitalism and socialism are formal economies that differ based on the role of the government and equality of economics . Capitalism affords economic freedom, consumer choice, and economic growth.Key Differences Between Capitalism and Socialism. ... Capitalism encourages innovation and individual goals while Socialism promotes equality and fairness among society. In the socialist economy, the resources are state-owned but in the case of the capitalist economy, the means of production are privately owned· This type of economy, however, may promote monopolies and inequality and lead to an economic recession.The only main difference between capitalist and socialist economy is who own the means of production. ... Because those who own the means of production have the right to decide how to distribute the net profit. Most profit of a socialist company ought to be used to serve the public.

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