Question

Write the difference between Socialism and Capitalism.

Answer 1

Instructions: We have to cover these points for this answer;

• Defination
• Impact to individual
• Impact to society

Solution: There are major differences between the socialist and capitalist ideologies.

Socialism promoted the equal distribution of wealth and profit, whereas capitalism unequally distributes wealth and power in an unfair manner.

As a result of unfair distribution the capitalist uses their wealth and power to increase their dominance in society. But socialism talks about a collective good and not just the interests of selected people.

This unfair distribution results in imbalance in society, but as per socialism, the working class and society should achieve true freedom and equality through the control of the resources that provide the basis of prosperity in any society.