what is the difference between socialism and capitalism?
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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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The main difference is that Capitalism relies on the market to make economic decisions and socialism use central planning because:
1. Capitalism lets the market and its participants make their own economic decisions without any governmental interference
2. Whereas in Socialism, the government plans everything ensuring the social welfare of all and central planning of the how the resources will be used and distributed becomes extremely important.
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