Difference between socialist economy and capitalist economy
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Socialist economy -The means of production are owned and managed by government
Capitalist economy-The means of production are owned and managed by private individuals
Capitalist economy-The means of production are owned and managed by private individuals
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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.
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