differentiate between socialism and capitalism
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Capitalism and socialism are formal economies. ... Capitalism affords economic freedom, consumer choice, and economic growth. Socialism, which is an economy controlled by the state and planned by a central planning authority.Hope this would be helpful
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Key Differences Between Capitalism and Socialism. ... Capitalism encourages innovation and individual goals while Socialism promotes equality and fairness among society. In the socialist economy, the resources are state-owned but in the case of the capitalist economy, the means of production are privately ow
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