Question

Expl
3. What are the differences between socialism and capitalism?
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Answer 1

Answer:

Explanation:

Key Differences Between Capitalism and Socialism. The economic system, in which the trade and industry are owned and controlled by private individuals is known as Capitalism. Socialism, on the other hand, is also an economic system, where the economic activities are owned and regulated by the state itself.

Answer 2

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.