Question

rise of capitalism and socialism conclusion​

Answer 1

Answer:

please mark me as y

Explanation:

Mechanization of the manufacturing process led to the Industrial Revolution which gave rise to two major competing economic systems: capitalism and socialism. Under capitalism, private owners invest their capital and that of others to produce goods and services they can sell in an open market. Prices and wages are set by supply and demand and competition. Under socialism, the means of production is commonly owned, and part or all of the economy is centrally controlled by government. Several countries’ economies feature a mix of both systems.