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Answer 1

BASIS FOR COMPARISON CAPITALISM SOCIALISM

Meaning Capitalism refers to the economic system prevalent in the country, where there is private or corporate ownership on the trade and industry. The economic structure in which the government has ownership and control over the economic activities of the country is known as Socialism.

Basis Principle of Individual Rights Principle of Equality

Advocates Innovation and individual goals Equality and fairness in society

Means of Production Privately owned Socially owned

Prices Determined by the market forces Determined by the Government

Competition Very High No competition exists between firms

Degree of distinction in the class of people High Low

Wealth Each individual works for the creation of his own wealth Equally shared by all the people of the country

Religion Freedom to follow any religion Freedom to follow any religion but it encourages secularism

Efficiency Much Less

Government Interference No or marginal Government decides everything

Answer 2

BASIS FOR COMPARISON CAPITALISM SOCIALISM

Meaning Capitalism refers to the economic system prevalent in the country, where there is private or corporate ownership on the trade and industry. The economic structure in which the government has ownership and control over the economic activities of the country is known as Socialism.

Basis Principle of Individual Rights Principle of Equality

Advocates Innovation and individual goals Equality and fairness in society

Means of Production Privately owned Socially owned

Prices Determined by the market forces Determined by the Government

Competition Very High No competition exists between firms

Degree of distinction in the class of people High Low

Wealth Each individual works for the creation of his own wealth Equally shared by all the people of the country

Religion Freedom to follow any religion Freedom to follow any religion but it encourages secularism

Efficiency Much Less

Government Interference No or marginal Government decides everything

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