0 votes
in General Knowledge by (281k points)
Write a paragraph differentiating the ideas of capitalism and socialism.

1 Answer

0 votes
by (281k points)
Best answer
In a capitalist economy, property and businesses are owned and controlled by individuals.
In a socialist economy, the state owns and controls the major means of production.
The capitalists argue that inequality is a powerful force that promotes innovation, which then results in economic development.
The primary concern of socialism is an impartial redistribution of wealth and resources from the rich to the poor.
Welcome to the Answerine , a great place to find, read and share your favorite questions and answers.