Question

Show the difference between Capitalistic and Socialistic system of economy.

Answer 1

Capitalist society - A social order in which private property rights and the free market serve as the basis of trade, distribution of goods, and development. Class division is the essential feature of capitalism. Decisions over the use of resources are made by the individual or individuals who own the company.

Socialist society - A system where the means of production, such as money and other forms of capital, are owned by the state or public. All legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare.