WORLD HISTORY

Detailed explanation-1: -A socialist economic system is characterized by social ownership and democratic control of the means of production. 3. Capitalism is an economic system in which capital goods are owned by private individuals.

Detailed explanation-2: -Socialists Protesting 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.

Detailed explanation-3: -All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.

Detailed explanation-4: -Socialist states in the Marxist–Leninist sense are sovereign states under the control of a vanguard party which is organizing the country’s economic, political and social development toward the realization of socialism.

Detailed explanation-5: -In a Socialist Economy, the government has complete control over the production and distribution of goods and services. The private sector completely dominates the production of goods and services and the distribution within a Capitalist Economy.