WORLD HISTORY

Detailed explanation-1: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.

Detailed explanation-2: -Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor.

Detailed explanation-3: -Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-4: -The first type of socialism utilize markets for allocating inputs and capital goods among economic units. In the second type of socialism, planning is utilized and include a system of accounting based on calculation-in-kind to value resources and goods wherein production is carried out directly for use.

Detailed explanation-5: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.