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    Difference Between Socialism and Capitalism

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    yash
    This document compares and contrasts socialism and capitalism. Capitalism is a free market system where private individuals own businesses and the means of production, with the goal of making profits. Socialism is a system where the state owns and controls the means of production and decides what goods to produce based on societal needs. The document outlines some pros and cons of each system. Capitalism promotes innovation and growth but can lead to inequality, while socialism aims to reduce inequality but may limit innovation and efficiency. Ultimately, the document argues that no country is purely one system and that welfare, basic services, private enterprise, and sustainable policies are all important to consider.

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    Difference Between Socialism and Capitalism

    Uploaded by

    yash
    85 views15 pages
    This document compares and contrasts socialism and capitalism. Capitalism is a free market system where private individuals own businesses and the means of production, with the goal of making profits. Socialism is a system where the state owns and controls the means of production and decides what goods to produce based on societal needs. The document outlines some pros and cons of each system. Capitalism promotes innovation and growth but can lead to inequality, while socialism aims to reduce inequality but may limit innovation and efficiency. Ultimately, the document argues that no country is purely one system and that welfare, basic services, private enterprise, and sustainable policies are all important to consider.

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    PPT on difference between socialism and capitalism

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    Difference between socialism and capitalism

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    This document compares and contrasts socialism and capitalism. Capitalism is a free market system where private individuals own businesses and the means of production, with the goal of making profits. Socialism is a system where the state owns and controls the means of production and decides what goods to produce based on societal needs. The document outlines some pros and cons of each system. Capitalism promotes innovation and growth but can lead to inequality, while socialism aims to reduce inequality but may limit innovation and efficiency. Ultimately, the document argues that no country is purely one system and that welfare, basic services, private enterprise, and sustainable policies are all important to consider.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    85 views15 pages

    Difference Between Socialism and Capitalism

    Uploaded by

    yash
    This document compares and contrasts socialism and capitalism. Capitalism is a free market system where private individuals own businesses and the means of production, with the goal of making profits. Socialism is a system where the state owns and controls the means of production and decides what goods to produce based on societal needs. The document outlines some pros and cons of each system. Capitalism promotes innovation and growth but can lead to inequality, while socialism aims to reduce inequality but may limit innovation and efficiency. Ultimately, the document argues that no country is purely one system and that welfare, basic services, private enterprise, and sustainable policies are all important to consider.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    SOCIALIST VS CAPITALIST

    ECONOMY

    Presentation by Yash poddar


    WHAT IS CAPITALISM?
     Also called ‘’Free market economy’’
     Is an economic system in which private individuals/owners own the factor of
    production and enterprises .all activities are undertaken with the motive of
    profit earning.
     Eg.Hong kong,UK,Singapore,USA,New Zealand etc.
    PRO’S of capitalism
     Competitive environment and profit oriented system
     Rapid economic growth
     Promotes innovation and entrepreneurship
     Produces what’s there in demand in the market and for profit
    motive
     Efficient use of resources and method of production
     Values competitiveness and provides opportunity for personal
    growth
    CON’S of Capitalism
     Values Profit over welfare of the society
     Loss of human values
     Leads to rise in income inequality
     Concentration of power and money in hands of few
     Leads to rise in monopoly ,hence exploitation of consumers
     The attitude for “perfection” isn’t sustainable in long run
     Capitalism ignores external costs such as global warming,climate
    change,pollution. This might make the products affordable and accessible
    but over time it leads to depletion of natural resources .
    WHAT IS SOCIALISM?
     Socialism is an economic system where state owns and controls all
    means of production , also decides what goods are to be produced in
    accordance with the need of the society. Every thing runs on central
    planning
     Socialism supports support social equality,distribution of income
    based on contribution and public ownership of factors of production
    etc.
     Socialists argue cooperation is the
    basic nature of the people not competition.
    Example:Finland,Denmark,Sweden etc.
    TYPES OF SOCIALISM
     Democratic socialism
     Revolutionary socialism
     Libertarian socialism
     Utopian socialism
     Etc.
    Pro’s of socialism

     Workers no longer are exploited


     Profits are shared on the basis of contribution
     Eliminates poverty and income inequality
     Provides equal access to
    education,healthcare,transportation
     More social security
     Natural resources are preserved and sustainable living
    Cons of socialism

     It heavily relies on cooperative nature of humans


     And ignores human nature of greed
     Ignores those who are competitive and work on personal growth
     Undermines entrepreneurship and innovation
     Limits the efficiency of the work force
     Less economic growth as less tech advancements implemented
     Government holds the monopoly in the market
     Government corruption and abuse of power
    Capitalism Socialism
     Means of production owned by  Means of production owned by
    private individuals  government 
     Prices determined by supply and  Prices dictated by the government
    demand  Welfare is main motive of the state
     Profit oriented system  Government-owned businesses
     Free market competition have less incentive for efficiency
    encourages efficiency and and innovation
    innovation   High taxes necessary to pay for
     Limited taxes based on individual public services
    income
    Success models of socialism
    Ultimate solution

    1)No country is 100% Socialist or capitalist


    Most states use blend of both while framing their policies.
    2)Welfare of the people should be focused by the state,
    irrespective of their economic system
    3)Basic facilities like public health,education,welfare and social
    security should be provided by the state
    4)Private enterprises should be allowed to grow,innovation should
    be rewarded
    5)State should make long term policies for sustainable management
    and ending the income inequality ,use taxes in efficient way

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