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Socialism and capitalism

Differences between Socialism and Capitalism
Differences between Socialism and Capitalism

The Differences between Socialism and Capitalism are given here. Socialism and capitalism are two completely opposite economic and political models. Socialism seeks that the population controls the means of production and the workforces related to them while capitalism, private property is responsible for the production and management of capital through commercial relations between companies.

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Socialism

It is a social and economic system characterized by the control, by organized society, of the means of production and the labor forces applied to them.

It is a system of social and economic organization that is based on the collective or State ownership and administration of the means of production and distribution of goods.

It implies a collective planning and organization that is aware of social and economic life.

For Marxism, a socialist system establishes social ownership of the means of production, disappearing any form of private property over capital goods.

Capitalism

It is a social and economic order or system that comes from the profit of private property over the capital as a tool of production. It is made up of business relationships related to investment and profit-making activities, as well as autonomous and subordinate salaried employment relationships with a commercial purpose.

In capitalism, individuals and companies produce goods and services privately and independently, so they depend on a consumer market to obtain profits, this market is carried out through free trade.

A capitalist society is based on a rational organization of work, money, and resources of production. It is made up of socioeconomic classes.

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Differences between Socialism and Capitalism

  • Socialism is an economic and social system that leaves the means of production in the hands of the State or the population, nullifying private property over capital goods.
  • In capitalism, individuals and companies produce goods and services privately and independently, depending on the consumer market in order to make a profit.

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