=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 KOREA (etc.)
=DIFFERENCES
Currently most countries adopted Capitalism. For that let’s see the advantages and disadvantages.
~Adavntages
>ECNOMIC DOMINATION
>CONTROL OF SCIENCE AND TECHNOLOGY
>TAXES ARE LESS
>LESS POVERTY THEN SOCIALIST COUNTRIES
>WEALTH-PEOPLE CAN BULID PERSONAL WEALTH
~Disadvantages
>GREED
>RSISNG UNEMPLOYEMENT IN COUNTRIES
>UNFAIR ECNOMIC
Socialism is still adopted in many countries like Cuba
~Advantages
>Everyone is given same amount of salary
>Everyone can benefit from public serices
>Increased production
~Disadvantages
>More power to government
>Lots of taxes
>Increased poverty rates
=AFFECTS OF THESE BOTH
-First lets see some effects of Capitalism. Just like they have the right to gain wealth and compete in the market. also allows individuals to earn money based on the importance of their role in society. There is high rate of infrastructures development, as a government focus .The government does not have control over markets. There is rapid economy growth as private investors make high profit. Goods are cheap, as a result of competition among producers of goods.
-Now coming to Socialism. It depends crucially on there being a well-educated and informed electorate capable and willing to choose a Government capable of managing all aspects of an industrial economy, rather than merely a limited set of interests. Karl Marx called it as communism and but after the soviet experiment people call it socialism now. In this there is a less individual freedom.