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    Capitalism Vs Socialism

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    JenMarlon Corpuz Aquino
    Capitalism and socialism differ in the level of government intervention in the economy. Under capitalism, private businesses are owned by individuals and the profit motive drives efficiency, while inequality is seen as necessary. Socialism aims to redistribute resources equally through state ownership and control of production to ensure equal opportunities and outcomes for all.

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    Capitalism Vs Socialism

    Uploaded by

    JenMarlon Corpuz Aquino
    46 views1 page
    Capitalism and socialism differ in the level of government intervention in the economy. Under capitalism, private businesses are owned by individuals and the profit motive drives efficiency, while inequality is seen as necessary. Socialism aims to redistribute resources equally through state ownership and control of production to ensure equal opportunities and outcomes for all.

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    capitalism

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    Capitalismvssocialism 141103101407 Conversion Gate02

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    Capitalism and socialism differ in the level of government intervention in the economy. Under capitalism, private businesses are owned by individuals and the profit motive drives efficiency, while inequality is seen as necessary. Socialism aims to redistribute resources equally through state ownership and control of production to ensure equal opportunities and outcomes for all.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    46 views1 page

    Capitalism Vs Socialism

    Uploaded by

    JenMarlon Corpuz Aquino
    Capitalism and socialism differ in the level of government intervention in the economy. Under capitalism, private businesses are owned by individuals and the profit motive drives efficiency, while inequality is seen as necessary. Socialism aims to redistribute resources equally through state ownership and control of production to ensure equal opportunities and outcomes for all.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Capitalism vs Socialism

    The main difference between capitalism and Socialism is the extent of government
    intervention ion the economy. There are also different aims of the economic systems.

    Economic
    Capitalism Socialism
    System
    Socialism is concerned with
    Capitalism is unconcerned about
    redistributing resources from the
    equity. It is argued that inequality is
    Equity rich to the poor. This is to ensure
    essential to encourage innovation and
    everyone has both equal
    economic development
    opportunities and equal outcomes.

    The State will own and control the


    main means of production. In
    Private businesses will be owned by some models of socialism,
    Ownership
    private individuals ownership would not be by the
    government but worker
    cooperatives.

    It is argued that the profit incentive It is argued that state ownership


    encourages firms to be more efficient, often leads to inefficiency because
    Efficiency
    cut costs and innovate new products workers and managers lack any
    that people want incentive to cut costs

    In capitalist economic systems, the Employment is often directed by


    state doesn’t directly provide jobs. the state. therefore, the state can
    Unemployment Therefore in times of recession, provide full employment even if
    unemployment in capitalist economic workers are not doing anything
    systems can rise to very high levels particularly essential.

    Prices are determined by market In a state managed economy


    forces. Firms with monopoly power prices are usually set by the
    Price Controls
    may be able to exploit their position government this can lead to
    and charge much higher prices. shortages and surpluses

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