Question

difference between capitalism and socialism​

Answer 1

Answer:

Industrial Revolution gave rise to capitalism as a system of economy. Big industries, producing goods at a mass scale and at cheaper rates, converted the workers into mere wage earners, while factory owners made huge profits and amassed wealth. Whereas Socialism were against private property, and saw it as the root of all social ills of the time. Individuals owned the property that gave employment but the propertied were concerned only with personal gain and not with the welfare of those who made the property productive.