Distinguish between socialism and capitalism
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socialism and captalizm
Explanation:
The main difference between capitalism and socialism is the extent of government intervention in the economy.
A capitalist economic system is characterised by private ownership of assets and business. 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.
capitalism-vs-socialism
There are also different aims of the economic systems.
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