Question

difference between capitalistic economy and socialistic

Answer 1

Ownership. In a capitalist economy, property, and businesses are owned and controlled by individuals. In a socialist economy, the state owns and controls the major means of production. In somesocialist economic models, worker cooperatives have primacy over production.

Answer 2

A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way. There are also different aims of the economic systems.