Question

Difference between capitalist and socialist system

Answer 1

Answer:

The major differences between capitalism and socialism revolve around the role of the government and equality of economics. Capitalism affords economic freedom, consumer choice, and economic growth. Socialism, which is an economy controlled by the state and planned by a central planning authority, provides for a greater social welfare and decreases business fluctuations.

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Answer 2

Answer:

1. socialism is an economic and political system under which the means of production are publicly owned.production and consumer are controlled by the government to best meet the needs of people
2. capitalism is an economic system under which the means of production are privetly owned .