Comparing Capitalism and Socialism

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  • SOCIALISM  V/S  CAPITALISM

=Capitalism can be said as free or private enterprise. It is a kind of economic system. There is general agreement that elements of capitalism include private ownership of the products, creations of goods, profit/loss and wages of the labourers. It is maintained by private individuals or corporations. The term ‘’CAPITALISM’’ was invented by Karl Marx to describe the market system of exchange. In WEALTH OF NATIONS Adam Smith called it as ‘’ the obvious and simple system of natural liberty.’’ The division of labour comes under this itself. It is based on principle of individual rights. Also can be said as free market. Countries like US, JAPAN , GERMANY and CANADA follows capitalism. (Etc.)

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=Socialism is just like capitalism. In this there isn’t any private property owned by private owner. It characterized by social ownership by the means of production and cooperative management of the economy. The places and everything else is controlled by the state. It is the system of social organization. The democratic control over the material means of production by the workers and the people. In the boom RODS TO FREEDOM by Bertrand Russell who said that ‘’ communal ownership of land and capital. The government controls all the means of production. Countries which follow socialism are CUBA, CHINA, VIETNAM, and ...

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