Answer:
Capitalism is an economic system in which trade, industry, and the means of production are controlled by private owners with the goal of making profits. Central characteristics of capitalism include capital accumulation, competitive markets and wage labor. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged. A socialist economic system is based on some form of social ownership of the means of production, which may mean autonomous cooperatives or direct public ownership; wherein production is carried out directly for the people. Profit is not the goal, the ultimate goal is to work for the welfare of the people. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind or a direct measure of labour-time as a means to value resource and goods.
You need to login to perform this action.
You will be redirected in
3 sec
