Question

what is the difference between capitalism and socialism

Answer 1

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Comparison Chart

BASIS FOR COMPARISONCAPITALISMSOCIALISMMeaningCapitalism 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.BasisPrinciple of Individual RightsPrinciple of EqualityAdvocatesInnovation and individual goalsEquality and fairness in societyMeans of ProductionPrivately ownedSocially ownedPricesDetermined by the market forcesDetermined by the GovernmentCompetitionVery HighNo competition exists between firmsDegree of distinction in the class of peopleHighLowWealthEach individual works for the creation of his own wealthEqually shared by all the people of the countryReligionFreedom to follow any religionFreedom to follow any religion but it encourages secularismEfficiencyMuchLessGovernment InterferenceNo or marginalGovernment decides everything

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