Question

how is capitalists model different from the socialist model of development

Answer 1

The difference between capitalists model and socialist model greatly lies in the scope of government intervention in the economy. 

The capitalists model allows free market condition to drive innovation and wealth creation, there is freedom of choice resulting in either success or failure while in socialist model economy incorporates centralized economic planning utilized to ensure and encourage equality  of opportunity and economic outcome.

In capitalists property and business are owned by individuals while in socialist the state owns and controls the major means of production.

The capitalists economy is unconcerned about equity,in the sense of equality.  The argument is that the inequality is the driving force of that encourages innovation,which then pushes economic development.

The socialist model in contrast is an equitable redistribution of wealth from the rich to the poor, out of fairness and to ensure that equal field in the opportunity and outcome.

The capitalist argument is that the profit incentive drives cooperation to develop innovative new products that have demand in the market place, they say that motivation even to the management, workers and developers leads to more money earn and an extra effort being put which leads to new ideas and products.

In capitalists the state does not directly employ the workforce, this can lead to unemployment during time of recession, but in socialist the state is the primary employer and during times of hardship,the socialists states can order hiring, so there is full employment even if workers are not performing the task that are particularly useful.

Answer 2

The communist model is to treat the majority of the national economies as a solitary production line cultivate, with the front office settling on key choices about how to utilize all the grounds apparatuses available to you keeping in mind the end goal to out-contend other national economies

Socialism is a frequently used term. To business analysts, communism is characterized as immediate government association underway and conveyance of all assets. Frequently today the word communism is utilized as a startling strategy to mean a wide range of things including firearm control, charges, foundation, venture into science and innovation, and so on. These are easily proven wrong issues, be that as it may, none have anything to do with socialism.