Compare and contrast the differences and similaritiesbetween Capitalism and Socialism.HTML EditorBIUA - A I E E E E E X回のMacBook Air80000000DIIDDF2F3F4F5F6F7F8F92$&256.00# 3

Capitalism and socialismCapitalism is an economic system in which private individuals or corporations own capital goods instead of the state or government authorities which is known as public ownership. The production of goods and services is then based on supply and demand in the free general market. In capitalism, private enterprise control land, labor, and capital. The right to private property is another important feature of capitalism where citizens accumulate capital so they are owners, therefore they can freely buy or sell the things the own and transfer that ownership to others. In a capitalist system, the driving force behind economic activity is to make a profit which is a powerful incentive for hard work, creativity and innovation of more products and also leads to competition. Competition such as in the free market makes the private businesses to increase efficiency and produce more at the same time. The purest form of capitalism is free market or laissez-faire capitalism, brought by the Great Depression of the 1930s in most countries. In laissez-faire capitalism, private individuals are unrestrained as there is non-interference by the state in economic matters. Private individuals in a capitalist economy can determine where to invest, what to produce or sell, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls. The focus of capitalist development in the 18th century shifted from commerce to industry. Socialism is the social and economic system where there is public rather than private control or ownership of property and natural resources. According to socialists, true freedom and equality require social control and share of the resources which then provide the basis for prosperity in any society. In a socialist society, individuals live and work in cooperation with each other and not in isolation. Therefore, anything that is produced by anyone is a social product to be shared. According to socialists, freedom has usually been restricted to members of the ruling class, who use their control of the land and other means of production to exploit the labor of the poor and subservient. Through the clash of social classes and class struggles, these struggles will culminate in the triumph of the working class and the establishment of socialism. However, these changes will come through democratic processes within the existing social and political structure, not overthrowing that structure. Under socialism, individuals can still own property. However, industrial production, or the chief means of generating wealth, is communally owned and controlled by a democratically elected government.One similarity between capitalism and socialism is that both consider labor and capital to be the primary economic forces. Both capitalism and socialism agree that natural resources that are the most part value-neutral until human labor imparts value to them.

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Compare and contrast the differences and similarities between Capitalism and Socialism.

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