Differentiate between Capitalism and Socialism.
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Differentiate between Capitalism and Socialism.
Capitalism: Capitalism is an economic system characterized by private ownership of the means of production and the pursuit of profit. In a capitalist system, the economy is driven by market forces, and individuals and businesses have the freedom to compete and make economic decisions. The distribution of goods and services is based on the principle of supply and demand.
Socialism: Socialism is an economic and political system based on the collective ownership and control of the means of production. In a socialist system, the government or the community as a whole owns and manages resources, and economic decisions are made with the goal of achieving social and economic equality. The distribution of goods and services is based on the principle of need.