WORLD HISTORY

Detailed explanation-1: -The Cold War was a conflict that was all about methods of production and distribution that divided communities across the world along communist and capitalist lines.

Detailed explanation-2: -The two major economic systems in modern societies are capitalism and socialism. In practice most societies have economies that mix elements of both systems but that lean toward one end of the capitalism–socialism continuum. Social democracies combine elements of both capitalism and socialism.

Detailed explanation-3: -Mechanization of the manufacturing process led to the Industrial Revolution which gave rise to two major competing economic systems: capitalism and socialism. Under capitalism, private owners invest their capital and that of others to produce goods and services they can sell in an open market.

Detailed explanation-4: -The two forms of capitalism: developmentalism and economic liberalism.

Detailed explanation-5: -Key Takeaways 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.