Question

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

Answer 1

difference between scialist and capitalism
1 socialist were against private property.
2 they were not in favor of private property.
capitalism
1 they were in favour of private property.
2 to earn maximum profit is the main motive of capitalism.

Answer 2

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$\rm{\boxed{Capitalism:}}$

• Capitalism is based on private ownership of means of production.

• Supply and demand forces determine the prices.

• The objective of production is profit maximisation.

• Concentration of power or wealth will be in few hands.

• The resources are controlled by the capitalist.

• There is no individual freedom or equality of opportunities.

• Ex:- West Europe and North America.

$\rm{\boxed{Socialism:}}$

• Under socialism the means of production are under the control of the government.

• There will be centralized planning mechanism.

• The objective of production is welfare of the state and people.

• Socialism opposes concentration of power or wealth.

• Social control of resources is seen here.

• The individual freedom and equality of opportunities are given high priority.

• Ex: Eastern European countries,china.

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