Question

Differentiate between capitalism and socialism?
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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:

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Answer 2

Answer:

A Capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. While 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.

Explanation:

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