HISTORY
THE WORLD BETWEEN THE WARS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
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In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
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In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
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In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
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Detailed explanation-1: -A Capitalist Economy is a system where private entities control the factors of production like labour, natural resources or capital goods. A Socialist Economy is an economic system where the factors of production like labour, natural resources or capital goods are under the control of the government.
Detailed explanation-2: -Unlike a capitalist system where the means of production are owned by the individuals and private owners, in a socialist system, the means of production are owned and controlled by the state, where the state decides everything from the initial production quantities to the price of the products.
Detailed explanation-3: -In brief, Communism backs full control of the Government across all standards of production and other resources. Socialism exercises adaptable forms of controlling the State. Capitalism supports a free market and overall economy without the involvement of the State.
Detailed explanation-4: -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.