Question

What is meant by Socialism? State any one difference between Socialism and Capitalism.

Answer 1

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• Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. ... Social ownership can be public, collective, cooperative, or of equity
• Key Takeaways
• 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

Answer 2

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.