Question

Write the similarities and differences between capitalism and socialism in tabular form

Answer 1

Capitalism Socialism

Similarity: 1. A capitalist economy will proceed by market forces 1. There will be more government control in a socialist economy but it will still proceed by market forces

Dissmilarity: 2. Capitalism is a type of an economy where individuals head the means of production privately.  2. Capitalism is a type of an economy where the public or the state head the means of production.