Difference between socialism and capitalism 9th class
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Answer:
The two differences are as follows -----
Explanation:
1. The capitalists believed that individuals owned private property whereas the socialists believed that all the property belonged to the society as a whole, i.e., to the state.
2. The capitalists believed that the profits from the property should belong to the property's owners , whereas the socialists believed that profits are due to the workers' labour and so should be shared by them.
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Difference between socialism and capitalism
- Socialists held the view that all property belonged to the state, as opposed to capitalists who believed that people owned private property.
- Socialists felt that since profits are a result of employees' labour and should be shared by them, they should belong to the workers rather than the owners of the business.
- Private ownership covers the production inputs. They are theirs to utilise however they see fit. Although there may be certain restrictions for the general good. Every person is free to engage in the economic activity of his or her choice because of the existence of entrepreneurial freedom.
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