Question

How is socialism different from capitalism?

Answer 1

1. In socialism, the means of production are owned by the state on behalf of the people as a whole. In capitalism, the means of production are privately owned.
2. The main objective of socialism is to meet the requirements of all individuals in a society. The main objective of capitalism is the generate profits for the capitalists.
3. In socialism, the economy functions under the regulation of the government. In capitalism, the economy functions according to the principles of free market. There is very little government regulation of the economy.