what is capitalism and socialism
Answers
Answer:
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
Socialism is a range of economic and social systems characterised by social ownership of the means of production and workers' self-management as well as the political theories and movements associated with them. Social ownership can be public, collective or cooperative ownership, or citizen ownership of equity.
Answer:
Capitalism is a market-driven economy. The state does not intervene in the economy, leaving it up to market forces to shape society and life. Socialism is characterized by state ownership of businesses and services. ... Most countries are mixed economies, falling in between the extremes of capitalism and socialism.