Question

write the paragraph comparing the ideas of capitalism and socialism how are they similar or different

Answer 1

Socialism and communism are alike in that both are systems of production for use based on public ownership of the means of production and centralized planning. Socialism grows directly out of capitalism; it is the first form of the new society. Communism is a further development or "higher stage" of socialism.One similarity between capitalism and socialism is that both systems consider labor and capital to be the primary economic forces. ... Capitalists believe market competition should direct the distribution of labor; socialists believe the government should have that power.