Question

Differentbetween capitalism and socialism

Answer 1

Answer:

Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

Explanation:

Comparison Chart

Basis for Comparison             Capitalism                        Socialism

Basis                Principle of Individual Rights                 Principle of Equality

Advocates    Innovation and individual goals    Equality and fairness in  society                                      

Means of Production     Privately owned                           Socially owned

Prices   Determined by the market forces               Determined by the  

                                                                                                      Government