Question

List two difference between the capitalist and socialist ideas of private property ..

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Answer 1

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The two differences are as follows (i) The capitalists believed that individuals owned private property whereas the socialists believed that all property belonged to the society as a whole, i.e., to the state.

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Answer 2

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The two differences are as follows :-

• The capitalists believed that individuals owned private property whereas the socialists believed that all property belonged to the society as a whole, i.e., to the state.
• 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.

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