Question

Write a paragraph comparing the ideas pf socialism and capitalism. How were they similar or different ?

Answer 1

Hey There!These are two economic systems which are prevalent in or adopted by different countries of the world. Capitalism is the ancient political system, whose origin dates back to 1400 AD in Europe. On the contrary, Socialism, which is evolved from 1800 AD and its place of origin is France.  A capitalist economy is featured with the free market and less government intervention in the economy, wherein top most priority is given to capital. As opposed to a socialist economy, refers to the organization of society, which is characterized by the abolition of class relations and thus give more importance to people.

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