what is difference between socialism and capitalism?
Answers
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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Answer is:-
Capitalism
Capitalism is an economic system where the means of production are owned by private individuals. "Means of production" refers to resources including money and other forms of capital. Under a capitalist economy, the economy runs through individuals who own and operate private companies. Decisions over the use of resources are made by the individual or individuals who own the company.
Socialism
Socialism is an economic system where the means of production, such as money and other forms of capital, are owned to some degree by the public (via the state.). Under a socialist system, everyone works for wealth that is in turn distributed to everyone. A socialist economic system operates on the premise that what is good for one is good for all, and vise versa. Everyone works for their own good and for the good of everyone else. The government decides how wealth is distributed among public institutions.